Nobody wants to shop anymore — and our classic stores are suffering
America. Land of the Pilgrims' pride. That was yesterday. Today gone like the covered wagon.
Because some designers' bills haven't been paid since January, shops are not receiving new merchandise. Thus, a handful of stores are amalgamating — Saks 5th, Neiman's, Bergdorf all snuggling under the same entity — Saks Global.
Major outlets have closed. Saks 5th Palm Beach was captivity's most successful outlet. For ladies of a certain age, it was their pastime. Those limbs could no longer do what they used to do so — got nothing to do? You shop. Took up time. That was then. Now not. Dressing today is just for salads.
Already on luxury overload they need nothing. Maybe only an accessory like a handbag.
Even collectors stopped collecting. Take photographs. Nobody buying. Pics are like Biden. Not moving. Big-time front-cover fashion shots once grabbed big dollars. Now? It's that craggy thing you snap with your crappy cell. Auction sales of formerly big-time photographers have tanked. Why? Collectors grew old. Not selling like 10 years ago. Scenes, faces, models, places, history, geography, nudity, fashion — now, forget it. Worldwide front-cover fotogs like Irving Penn? It's now 'so what?' Christie's and Phillips auction houses once sold him. Not now.
Pros tell me that at a 2013 auction of one Irving Penn photo brought $459,000. Now his masterpieces — down to $80,000 — huge drop — remain unsold. Grandkids aren't into black and white. They want showy. Shiny. Glittery. They don't care about the old masters. Owners now sit on their collections. Not even trying to sell. Huge drop.
Auction houses were off 40% this season. Famous photo titled 'Woman in Moroccan Palace' sold for $459,000 in 2013. Lately it came back up for $80,000. Didn't sell.
Also not moving — clothing. Its buyers only look to wear it once. Disposable goods. Not investment clothing. They'll post themselves on Instagram or TikTok wearing the new cheapo tee then — shove it. Off with it. The designer market has gone the way of zoot suits.
They say low-fruit spenders will shop — but not in volume or to show quality. Just 'something to do.' A way to save the day. Not an activity. Not to flash your semi-covered behind at a tennis match. Just something to do before going home to argue with him.
Brands are suffering — consumers are stiffing Chanel, Gucci, Prada, Dior, Valentino. Unless designers possess their own personal special place, it's sayonara. No room at the inn. Shops aren't paying or ordering. Forget lunch — stylists now hunt for friends to take them to dinner.
And nobody's breaking out of the mold. Two nights ago, five people were at the next restaurant table — husband, wife, two children and grandma. All 10 feet were in sneakers.
Once big buyers came from overseas, including the Chinese. Now no one. South Americans have their own problems. Europeans? Busy killing each other off. Nobody wants Russians. And if you're US stock and come from places like, maybe, Minnesota — nobody wants you any place.
And never — never — forget the immortal words of Irving Hauser who said: 'A penny saved is a point on your credit card.'
And he said it: Only in New York, kids, only in New York.
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