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I didn't even know they covered fashion at inaugurations. Sounds wild.
Here's something I've pondered about places like Brooks Brothers, et al.: if they are often forced into sale models as a result of lacking customers, why is it that more expensive retailers never seem to have this problem? @dieworkwear mentioned what is essentially the commoditization of lower-end clothing. I think this can be explained by the fact that places like Brooks Brothers are no longer offering what people (with disposable income) want, and when those same people need the things places like Brooks Brothers are offering, they have little incentive to patronise those stores over others. So they have to compete on price, and their stuff becomes interchangeable.
The issue, then, is that those stores have lost their initial appeal. Chanel and Hermes have so much appeal that they have more knock-offs than actual clothing worn. Perhaps that opportunity to capture people's imagination and desire is fleeting, and once the moment's passed, it never returns.
The same cannot be said for annual sales!
You can't have a luxury-only business with Brooks Brothers' retail footprint.