Concerning the email in circulation warning against giving gift cards for Christmas: the snopes on store closures. And a re-run of this post.
Now, back to real life last February. I am freshly returned from the mall, where I met a friend to go walking. While there, we noticed the “Everything Must Go” signs at Wilson’s Leather. Confirmed: they are closing most of their stores, there will no longer be one in Spokane. No word yet on how that affects the online store online store has been up and running all year, albeit a bit less active.
This appears to be a trend: both Eddie Bauer and Gap have recently closed stores in the same mall (although they have other locations in town); Ann Taylor and Talbot’s have also announced they will be closing stores, but have not revealed which ones.
How do you interpret this trend? I confess it’s better for my wardrobe for these stores to remain open and not be performing well (more clearance!), but of course that can’t be expected. Are well-to-do women moving toward smaller wardrobes or just other retailers?
Are you planning to give gift cards for Christmas? And have you scored any screaming deals due to store closures? I’m still tickled with the two smooth white tanks, brown cotton/spandex button-front shirt, and pink plaid flannel shirt I bought (for $30) at the Eddie Bauer store closing. In fact, I’m wearing the flannel today for a “just get dressed” day.
So maybe that just means people are content to wear what they have.
I’d like to think that Americans are becoming more responsible consumers. But internally I’m saying “yeah right!”
I think Wilson’s, Eddie Bauer, and Gap all failed to keep up after their hey-day in the 80’s and 90’s. In many people’s minds, the stores are still stuck in those eras…
The closing of stores is likely a side effect of reduced consumer spending in anticipation of a recession. I wouldn’t attribute it to people being “content with what they have” so much as fear, personally, but that’s a cynical view of the situation. I would expect that many stores are choosing to cut costs by favouring the relatively cheap overhead of online sales to brick and mortar locations.
I am sure this is just the beginning, if we really sink into the recession they’re talking about. I for one love having multiple locations at which to shop and will be frustrated if a lot of my favorite stores start to close locations.
Have to agree w/ Emily here, nothing in my experience says Americans will be “content w/ what they have” — many of us do of course, but many many more are always seeking latest trends and new styles EVERY season . . . . once the economy picks up, spending/shopping will in all likelihood start roaring again, as everyone starts feeling they’ve scrimped and saved so long, they “deserve it” —
Unfortunately here in Korea the currency had plummeted by 50% so that means no gift cards, fruit of the month clubs, etc. like we normally do (if we exchange our money into dollars we’ll only get half as much!!) — so instead many people will be getting interesting and unusual Korean gifts this holiday season!
Ellem – you (and Emily) are obviously right – it’s even in the Bible that man will never be satisfied. Retailers are no doubt positioning themselves to be there when people can’t stand to limit themselves any longer.
My thought is the stores without a web presence, like the Mariposa stores, will be some of the greatest casualties.
Interesting and unusual Korean gifts will be fun and very appreciated, I’m sure!
I’m inclined to think there’s nothing new in the world of market correction (nor under the sun, since we’re quoting Ecclesiastes anyway). Retail is one of those business sectors that often operates very close to the edge, and over-responds to zeitgeist, which it considers synonymous with opportunity. So their responses to a moment of shakiness can’t help but look more cataclysmic than they probably are. Think back – there’s always something that’s allegedly about to change shopping as we know it (Big-box stores! Debit cards! The internet! Exurbs!). Yawn.
Also, yes, conditions will have to change far more drastically for quite a long time before it’ll be reasonable to talk in terms of anything resembling permanent changes of behavior for society generally.
Hmmm. “over-responding to zeitgeist” – I could be guilty of that. I wonder which came first: my tendency to think that way or my being a retailer.
And I also sometimes wonder whether a sentence like that is supposed to end with a period or a question mark.