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[Image of Saks via WallyG/Racked Flickr pool]
Now that we're officially in a recession, everyone's pulling out their crystal balls to see which stores will withstand the lean times and which will get wiped off the face of New York. Crain's kicked off the prognosticating with a look at the luxury brands who are most likely screwed, while The Business of Fashion got marketing guru Faith Popcorn to predict who will survive. Place your bets, people.
The losers as per Crain's: "Upscale department stores as well the specialty chains that opened locations in lower Manhattan in the last two years, including French luxury jewelry and accessories purveyor Hermes, menswear shop Thomas Pink, car dealership BMW and Tiffany & Co., which opened its second Big Apple location less than a year ago at 37 Wall St."
The winners as per Faith Popcorn: "Nordstrom continues to be known as a retailer focused on providing the best customer service," J.Crew and Zappos offer online shopping (doesn't waste gas), teen store Fashionology in L.A. and Steve Madden can both capitalize on their respective custom-design gimmicks, "stores like TopShop, Zara, and H&M offer unique clothing and accessories at value prices," and Bottega Veneta is protected by its "sustainable luxury" vibe.
· Tiffany, Saks to suffer with Wall Street [Crain's]
· Faith Popcorn on the Recession Culture [Business of Fashion]