Weekly Shop Report
CIT, consumer confidence, black is back and Celine's new look this week...in shopping.0
In an act of desperation, stores are opening at 12 a.m. on Black Friday. Vomit is rising into my mouth as I write this because a) we get it, you’re all hurting but b) does that mean you have to prey on unemployed, sale-crazed Americans? So thousands of people – maybe millions but I’m not good with things like population – will spend hours and hours of their lives waiting in line. We only hope they download NPR apps so they can learn something while they wait. One can dream.
Moving on. CIT gets the OK for $500 million in financing that will allow them to issue letters of credit. Phew. And consumer confidence is rising! (Oh but they always say that! No this time they mean it. With consumers believing the absolute wost is behind them, they are becoming more confident and a teeny weeny bit riskier in their purchases. And it shows. Retail stocks held steady despite holiday caution. American Eagle met projections and J.Crew profits doubled in quarter tres. Revlon, Saks, Ann Taylor and Talbots were in the black, and no one we really care about was in the red. Except Saks. They had a bad week, and we care about dearly about our 5th Ave flagship even if it is cloaked with clueless Euro tourists at any given hour.
Speaking of Gotham’s most coveted spaces, retail rent space fell 9% to $117 average per square foot. If your curious, retail rent on 5th between 49th and 59th is approx $2,045 per square foot; in Soho $453 per square foot; in Meatpacking $375; and Time Square $821. So where did they fall? UWS, UES, Herald Square and Broadway between Chambers and Battery Park City.
And in the land of luxury, Chanel reopened in San Francisco. Pheobe Philo is revamping the French brand, and Celine aims to up their door power to 250 by next year. Don’t be surprised if your local store went black. Yep, they are closing down shop then opening back up with calf-grazing classic outerwear and even a new logo. Yippee! So if you find yourself wandering around Madison Ave ISO Celine, she isn’t there. But you hear a vague sound. The Beatles? Lily Allen? It’s London calling as Burberry flanked it’s Madison Avenue store with a little bit of Brit and a touch of London, their first in the U.S. of A.
Until next week, cheerio shoppers scary black Friday shoppers, cheery – effing – O.
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