I remember a time when I had to hide behind my darkest shades to check out the clearance racks on Fifth Avenue, fearing exposure by some social snitch.
Now, with Saks declaring a $154.9 million dollar net loss for 2009, the entire store is a bargain basement. CEO Stephen Sadove said that customers did not respond to a forty percent-off sale in early November, so they made even further reductions, discounting merchandise by as much as 70 percent, before the holiday season.
Rivals including Neiman Marcus Group Inc. and Barneys New York had to slash prices as well just to compete. So how will they ever justify charging full price again? Now we can get current season $800 Christian Louboutin pumps for $250, just about the same price as a pair of Aldos.
Like any savvy shopper in this economy, I’m all about real value these days. I’ve always paired Chanel with vintage for an individual look, but now this mix-and-match is as chic as being laid-off. Just this year Saks has laid off 1,100 workers, 9 percent of their workforce.
Why not buy a Forever 21 dress when it looks exactly the same as designer, which even on sale is still no bargain in this economy? The designer version is only good for a few months anyway. Plus, once you throw on a vintage designer bag and some fabulous shoes, nobody will ever know the difference.
Fashion may be hurting, but style is as strong as ever. Shop in your closet, since nobody seems to be shopping at Saks.
