Posted on 10/08/2008 11:26:16 PM PDT by TigerLikesRooster
Luxury Stores Brace for Slowdown
By CHRISTINA PASSARIELLO and RACHEL DODES
The luxury-goods industry is bracing for fallout from the global financial crisis.
Some companies, including jewelers' Tiffany & Co. and Bulgari SpA, are considering a brake on future store openings to reduce costs ahead of a likely sluggish holiday season. French fashion house Dior SA may close some boutiques in smaller U.S. cities.
Until recently, the world of luxury perfumes, leather goods, jewelry and designer clothing seemed impervious to the retail slowdown affecting apparel and home furnishings. Their resilience was due largely to growing business in emerging markets, such as China and Russia, which offset a slowdown in the U.S., Europe and Japan.
Now, the Chinese and Russian stock markets are faltering, putting pressure on their wealthy consumers and tugging on the luxury-goods sector's safety net.
(Excerpt) Read more at online.wsj.com ...
Ping!
It is not just luxury stores. Lowes and Home Depot have both announced that they are massively cutting back on the number of new stores they will be opening next year. Lowes is dropping from 125 to 75-85 and Home Depot is going from 130 to 85-90.
My sister was at the Honda dealer and four mechanics had no work to go. Not enough cars being brought in for repairs. Usually the waiting room is crowded and has free coffee and bagels. Yesterday — One customer waiting and no complimentary bagels and coffee
Snowball?
When a $285,000 Patek-Philippe watch on E-bay doesn’t get a single bid, I know times are tough. Though it might’ve been the no free shipping even the cheap $40,000 models with free shipping weren’t getting any bids.
It’s rough out there folks!
Not until after Obammy is elected. He’ll most likely win with massive voter fraud.
Toyota is expecting 15% of their dealerships in the U.S. to close their doors.
>>Not enough cars being brought in for repairs.
I have heard the same thing from a buddy who is a tech at a high-end German dealership, that things are slow, people are deferring maintenance.
Over the next few years, I expect auto repairs and parts to do well, as people keep older vehicles longer.
Over the next few years, I expect auto repairs and parts to do well, as people keep older vehicles longer.
Deferred everything like deferring dental work. But it can cost you more down the road
I was in a parts store a few Saturdays ago and they were practically begging me to buy a battery when I looked at a few. The place had two customers and three parts guys and none of them were on the phone either
I needed new tires a month ago so I phoned a few places and one guy was practically begging me to come on in
I think this is BS. The Rich always have money. It’s the faux prentenders that are hurt by the current economic situation.
The Apple stores on N. Michigan Ave and at The Falls in Miami are *always* jam packed.
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