- Feb 11, 2008
- Reaction score
The flagships depend so heavily on International tourists too.. specifically higher spending clients from China. I feel like tourism and travel will be the last industries to bounce back from this, and it will most likely cause a lot of luxury b&m retailers to fold.To me, it will be interesting to see where we are in 12-18 months with the few remaining luxury department stores and all of the directly competing international fashion brands with their own competing storefronts. How long can Saks or Neiman Marcus continue selling Cucinelli, Canali, LV or Gucci and remain in business when those brands have shops right around the corner from them in every major city? The era when Saks or NM traveled around the world to seek out and have high quality, specialty goods made just for them is so long gone. When they went the route of just selling the same international fashion brands that everyone else was selling, they lost what made them special.