As we all know that economy is suffering greatly. Although clothing is a necessity, fashion isn't. Therefore, many department store are feeling the affect of the recession. "For Spring Clothes, A Lost Season?", a fashion article in the NY Times, discusses the adverse affects of the economy on upscale department stores during the Spring season.
In this article the department stores are compared to museums. Handbags, hats, and accessories are "untouched, like artifacts in a museum." Upscale department stores such as Bergdorf Goodman and Saks Fifth Avenue have been "library-silent" and their "mannequins stood in for shoppers". February sales for Neiman Marcus, Saks Fifth Avenue, and Nordstrom were at an all-time low and were some of the worst in the industry.
So why do retailers expect us to purchase blazers, designer jeans, and cashmere sweaters for full retail prices ranging from $800 to $2000? Now consumers have begun to show retailer that they're smarter than many people think. They're thinking about what they purchase and their more willing to wait for those Fendi shoes to go on slae, rather than purchasing them on impulse.
As a result of dramatic losses among stores, analysts predict that the merchandise will be put on sale sooner than usual. New merchandise usually stays full price for about 8 to 10 weeks before they are marked down, but analysts say that they will be reduced in about 4 to 5 weeks instead.
Sources:
"For Spring Clothes, A Lost Season?"
Article By: Stephanie Rosenbloom
Published: March 11, 2009
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