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December 03, 2008
An In The Black Friday
Thanksgiving weekend ended on a positive note after a Black Friday sales spike put a little more revenue into retail coffers. Merchants in cities such as Boston and Manhattan were able to feed customers’ continued desire for trend and lux product by offering discounts of up to 70%.
Indeed, the slowing demand for full-priced luxury product was evident in the extent of retailers’ markdowns. Saks Fifth Avenue was showing Zegna at 50% off while Barney’s marked Lanvin dresses down by a third. The reduced demand has left fashion insiders wondering just what kind of products and promotions it will take to keep customers shopping.
There is a bright spot and that is that well-heeled shoppers still need and desire luxury product for the holidays and New Year and they could clear out the reduced amount of full-priced inventory. If that happens, 2009 could begin on a brighter note.
Posted by Ashley Pruitt at December 3, 2008 09:20 PM
