Do not expect the developer that’s working on the massive Meadowlands shopping and entertainment complex in northern New Jersey to compel its tenants to pay their workers a living wage. Related Companies, the New York-based real estate developer behind the project, said on Tuesday that it would be a deal breaker.
The bulk of our conversations at the Reuters Global Real Estate and Infrastructure Summit deal with, well, real estate and infrastructure. On Tuesday, however, we got onto the subject of horse racing. Our guest was Gregory Cross, a lawyer at Venable LLP. He is the head of Venable’s bankruptcy practice and represented the state of Maryland, a creditor of Magna Entertainment Corp, which runs the Pimlico Race Course in Baltimore and its famous Preakness Stakes horse race and filed for bankruptcy in 2009.
I sat down with Maria Fiorini Ramirez today after she joined us at the Reuters Investment Outlook Summit and asked her about starting her own company — the global economic consulting firm Maria Fiorini Ramirez, Inc — her advice for young entrepreneurs, and if women can balance a successful work and home life.
The U.S. economy is experiencing an ongoing but slow recovery, says Barry Ritholtz, director of equity research at Fusion IQ. But that’s not stopping him from enjoying discounted prices in a low-inflation environment, at least when it comes to his personal spending habits. The world is on sale if you’ve got the money to spend, he told the Reuters Investment Outlook summit in New York when asked, for example, if he might spend less while on a vacation or forego a purchase or two.
from Shop Talk:
Check out the challenges before the luxury sector:
Many fancy European companies like Valentino have widened their entry-level offerings to lure more shoppers, given how edgy the global economy remains. This could be shortsighted, experts said this week at the Reuters Global Luxury Summit in Paris, New York, Dubai and London.
With the luxury of hindsight, Saks Chief Executive Stephen Sadove said he wouldn't hesitate to repeat the big markdowns of the 2008 holiday season if faced with the same tough environment that made the retailer the poster child of recessionary sales.
from Shop Talk:
Check out the cautious notes being sounded in the global luxury market.
Industry executives voiced concerns about everything from unemployment to Europe's brewing economic crisis, but are nonetheless banking on growth from China and a recovering U.S. market.
from Shop Talk:
Coach's Lew Frankfort has given up trying to teach American men about fashion, but he still sees opportunity for expanding sales to a male clientele.
"I believe the American male is largely uneducable," Coach Chairman and CEO Frankfort said at the Reuters Global Luxury Summit in New York.
"We need to focus on the segment of males that have real discerning taste. But I can also say that even the undiscerning American male is a smart consumer: that person is looking for a product that is durable, that is classic, that can stand the test of time and that's what our products do," Frankfort said.
Sales of Coach's man-bags, wallets and other accessories represent 5 percent of its total take, and that is one area where the company is trying to build growth. At a test store for men only, on Bleecker Street in Manhattan, it has seen sales results run at about triple its own expectations, Frankfort said.
"There's a lot of appetite among the discerning male for quality accessories made out of excellent materials that are stylish. ... In North America, the male consumer remains heavily utilitarian-driven, replacement-oriented, value-based. There are discerning males in Boise, Idaho. I don't mean to suggest there aren't."