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Sandy discounts storm stores
“I’m seeing a lot more discounts than last year and a lot more in-season merchandise” such as cashmere sweaters, said Candace Corlett, president of WSL Strategic Retail, an industry consultant.
Indeed, bargains on Saks’ site yesterday included a merino wool dress from Michael Kors at $597 — down from $995.
A 40 percent-off sale that Saks began last weekend will last “another few days,” said CEO Steve Sadove.
The swanky chain is scrambling to recover from the temporary shuttering of nearly a dozen stores. The company’s Fifth Avenue flagship, which accounts for 20 percent of its business, was boarded up for two days after Sandy hit the Big Apple.
“This is not a repeat of the recession in 2008,” Sadove told The Post in an interview yesterday, referring to the storewide discounts of 70 percent that Saks took four years earlier, after the collapse of Lehman Brothers.
Nevertheless, Saks yesterday lowered its fourth-quarter forecast, saying it expects margins to drop slightly on flat sales.
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Taking a shine to brass By MELISSA MAGSAYSAY With the price of gold hovering around $1660 an ounce, it's no wonder there's been a surge of interest in other metals for use in jewelry. The prices of silver (about $30 an ounce) and copper (about $3.50 a pound) make them more ... |
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