The Wall Street Journal's magazine, WSJ., asks a question we ourselves have been wondering: Can the luxury-retail market survive the recession and the resulting everything-must-go 70 percent off sales that consumers are growing accustomed to? When was the last time you paid full price for anything designer? If we think back to the big Saks sale last year, at first, everyone was scandalized at just how low the prices fell. And now, we expect it. Frankly, we won't pay old-economy prices for our bags again.
So what will happen to the high-end stores of yore? The Journal doesn't really answer this, of course. Who can, unless they have one helluva great Magic Eight Ball. But the article does look at the new world of shopping, which isn't really new to most fashion fanatics. Net-A-Porter changed the way houses looked at web retail, after Natalie Massenet started bypassing runway shows and buyers — with RM and Halston selling directly on her site. And she recently launched theoutnet.com, her outlet site, with which everyone is a touch obsessed. WSJ. also explores the glorious world of online sales at Gilt Groupe, and those traditionally gauche places, outlet stores. (Our best shoe finds ever were from the Neiman Marcus outlets in Dallas. Just saying.) All of these sites and stores are changing fashion dramatically. Some designers are digging in their heels and not dropping their prices. But others are adapting and giving consumers what they want. Shocking idea. Balenciaga has a new outlet at Woodbury Common, and Oscar de la Renta launched an outlet section on the company's website. And though designers were furious about the steep markdowns at department stores late last year, consumers loved them. You can't really argue with what the customer wants. So while consumers may not pay full price again, luxury can survive this economy. That is, if, like everything and everyone else right now, it learns to adapt. Welcome to Darwinism.
Buyer’s Market [WSJ.]
Most Viewed Stories
Aubrey Plaza Is Currently Serving Up the Most Terrifying Performance on TV
The Only Woman Mike Pence Is Allowed to Eat Alone With Is His Wife
The Makeup Police Have Come to Arrest Alicia Keys
Chris Evans Has Only Nice, Beautiful Things to Say About Jenny Slate
Michelle Kwan’s Husband Filed for Divorce
Bobbi Brown on Why She Really Left Her Brand and Resisted Making a Contour Palette, and Her Next Moves
Ali Wong Loves Kondo-ing So Much, She Named Her Daughter After It
Justin Theroux Bought a Piñata for Jennifer Aniston, But There Was No Candy Inside
Maxine Waters on Why She Decided ‘to Take the Gloves Off and Go for It’
All the Things Women Are Doing Wrong
Latest News from The CutInside Detroit’s Rapidly Growing Art-and-Design Scene
Photographer Michel Arnaud’s new book, Detroit: The Dream Is Now, captures the revitalization taking place in of one of America’s great cities.Sheryl Sandberg Says Leaning in Hasn’t Made Women Better Off
“Overall, we are not seeing a major increase in female leadership in any industry or in any government.”25 Famous Women on Waxing and Shaving
How Rihanna, Emma Watson, Eva Longoria, and more deal with body hair.Here’s How Much Nancy Meyers Loves a Good Kitchen
Some sleek stainless-steel appliances are hard to find!Which Hipster Megachurch Is Right for You?
There are many skinny-jeaned ways to the Lord.Political Commentator Angela Rye Has Had It With Casual Racism
She called Joe Walsh a “bigot” on CNN last night.Coachella Outfits Reach Logical End Point With Weed Flower Crowns
Of course.Depression Is Now the Leading Cause of Illness and Disability Worldwide
The WHO says depression rates rose 18 percent in a decade.Justin Theroux Bought a Piñata for Jennifer Aniston, But There Was No Candy Inside
High crimes in the piñata department.Chris Evans Has Only Nice, Beautiful Things to Say About Jenny Slate
“It’s like an art form talking with her.”
The fashion industry is apparently to blame.Michelle Kwan’s Husband Filed for Divorce
The two married in 2013.See Fashion Insiders Revisit Their Most Regrettable Outfits
Linda Fargo, Cipriana Quann, Molly Shannon, and more recall their fashion mishaps.New Arkansas Law Requires Doctors to ‘Investigate’ Women Seeking Abortions
HB 1434 purports to ban sex-selection abortions, but requires doctors to go through women’s medical records.Ivanka Trump Will Become an Official White House Employee After All
Her title will be “special assistant to the president.”Chelsea Clinton Says She’s Definitely Not Running for Office
Despite rumors.Bill Cosby Is Trying to Have Damning Testimony About Drugging Women Left Out of His Sexual-Assault Trial
His lawyers say using the testimony would contradict an earlier ruling.The Many Looks of Roger Stone
A new Netflix documentary showcases several outfits from the Trump adviser and infamous political strategist.Other People’s Clothes Are the Best Clothes
My own clothes are so dreary in comparison.Marissa Alexander Fired a Warning Shot at Her Abusive Husband and Was Sentenced to 20 Years. Now She’s Free.
Seven years after her controversial case, Marissa Alexander talks life in prison, domestic violence, and moving on.