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September 19, 2008
New York Retail & Consumer Outlook
Across the U.S., retailers and consumers alike have been feeling the strain from recent financial crises. However, in Manhattan we are still seeing a positive outlook from consumers thanks to the incredibly strong fall merchandise and stores operating at their peak performance. Confident New Yorkers and tourists, still streaming in on the strength of the euro, are keeping stores busy with a consistent flow of traffic.
Even though some high-end stores like Comme De Garçons have seen a decrease in new customers, regular customers can’t help but buy this season. The merchandise design is spot-on and want is taking place over need in luxury apparel.
Key fall items such as boots, lace, and leather have excited consumers. Revved-up sales teams have also allowed Manhattan retailers to really engage their customers. Take, for example, Phillip Lim downtown, which offered every customer – buying or not – a beverage of their choice. Small, reassuring gestures like these allow consumers to feel comfortable with cautious spending for fall.
During trying times like these, it’s important for the retailer and the consumer to connect and for the consumer to feel that there are some bright spots on the horizon.
Posted by Ashley Pruitt at September 19, 2008 01:32 AM
