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RackedWire: Chanel at Costco; Good Luck Sneaking into Paul Smith

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EAST HARLEM—Things we did not expect to read about Manhattan's first Costco, which opened in the East River Plaza today: "The new location currently has Chanel Classic Flap handbags available for $1,999." Buh? The store also carries bags from Burberry, Tod's, Ferregamo, Coach, and Louis Vuitton, although they're already sold out of Speedy bags. The best part: Much like the bulk Saltines, the high-end bags are all priced lower than you'll find elsewhere. [Style List; Previously]

SOHO—That Paul Smith sale on Greene Street might be amazing, but it's also heavily guarded. Reports a Racked spy: "Girl at the door has list, tried every trick in the book and she wouldn't let me through. Damn the man. Tomorrow is invite only as well: 12-8pm. Also two guys are smoking pot outside." Damn the man indeed. [RackedWire]