Retail in recession: bottoms, bananas and breeding
So, what did we learn from executives in the hard-hit luxury and main street retail sectors this week at the Reuters summits?
Heck, even Tiffany’s is attracting hagglers.
Even the Saks CEO is “Staycationing” in the downturn.
Of course, not everyone is cutting back, so Hermes still needs supplies of crocodile hides to make $35,000 handbags. The company’s solution? Breed its own.
The word “bottom” was also bandied about. Executives were hesitant to say the economy had definitely hit bottom. But many did see some leveling off. EBay CEO John Donahoe, for example, said he has seen some stabilization in demand, as did VF Corp CEO Eric Wiseman.
Taittinger chief Pierre-Emmanuel Taittinger isn’t even concerned about the bottom line. Just bottoms up.
And about those young American women with the word “Juicy” on their sweatpants bottom? We may not be seeing that as much, said Juicy Couture President Edgar Huber.
Oh, and designer Jonathan Adler, who is hoping to make his store a “crack den of adorableness” during the holidays has his own way of generating sales: a $48 banana bud vase that he says is “so wrong.”