Posted on 04/24/2009 3:19:25 PM PDT by 2ndDivisionVet
Retailing wonder-woman Karen Katz was featured as a "magical thinker" in the Sept. 21, 2007, edition of Time magazine.
The Neiman Marcus president and CEO said that the number of U.S. households worth more than $5 million was greater than ever before, and consumers had an increased appetite for all things luxe.
"Many other retailers have jumped on the luxury bandwagon, wanting to get their piece of the action. It's forced us to say, 'Where do we go?' And we're kind of moving up," Katz told Time. "We've decided there's this category we've named 'high luxury.' It's even more luxurious, more unique, harder to get. We want to sit at the top of the luxury mountain," she said. "We're pushing higher, to find that even rarer air."
My, what a difference a recession makes.
Ponzi schemer Bernie Madoff made off with the fortunes of many of the high-end retailer's mainstay customers on the East Coast, particularly in Palm Beach, Fla. The stock market's plummet put a dent in the discretionary income of the rest.
The business of luxury is struggling to breathe.
Last month, the company posted a quarterly net loss of $509.2 million for the 13 weeks ended Jan. 31 - its first holiday shopping period loss since it started disclosing quarterly results in 1994, according to The Wall Street Journal. The same period a year ago, Neiman Marcus reported net earnings of $44.3 million.
The companies at the top of the retail pyramid - and Neiman Marcus sits with a select few at the pinnacle – are harder hit in recessionary times than those making up the broad base: discount stores.
(Excerpt) Read more at mcclatchydc.com ...
There are a lot more people both rich and poor that got hurt that are willing to say. I wonder if any of our elected elite POS Congress critters got hurt?
I also wonder if some of that bailout money went to these POS Congress Critters?
Congress is a millionaire’s club, especially the Senate. They no longer care are the middle class since they don’t whine while the mob whines incredibly.
F*** the mob! We need to kick those bums out!
I agree. They need to be sent packing.
The moral of the story: Don’t let Time call you a “magical thinker.”
Drudge points out that Time has now run Obama on its cover 13 times in the past year. What does that say about their judgment?
From the tone of the article, there’s more than just a little schadenfreud going on here.
Sounds almost like SOMEone is a little jealous of the rich among us...
Tax net worth!
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