2112 Toystores of the
Rich and Famous
You will be happy to
know that both Rolls Royce and Bentley report increased sales for the first
half of 2018, the latest figures for either of the once jointly owned
companies. Other toystores of the rich and famous aren’t faring so well.
Take Barney’s the one
time men’s semi-discount clothing store. When it moved from Seventh
Avenue to Madison and a few miles uptown, it turned into a tony clothing and
accessory store with for men and women. Snob appeal at no extra charge.
Regular charge was more than high enough.
Now Barney’s is looking
for debtor in possession financing just to keep the lights on, and their former
money changer -- Wells Fargo -- is turning a deaf ear. You would too if
someone owed you a quarter of a billion and still had its hand out.
But when the money
changers change their minds, the suppliers cut off the supplies. The New
York Post gleefully reports there are few luxury watches on hand and shelves
are starting to have that going-out-of-business look.
So Barney’s says it’s
still on a hunting trip for bucks. But the wholesalers and manufacturers
are trying to get the store to see the guy who knows a guy who knows a guy at
7th Avenue and 17th Street, so they can get paid. And the guy who knows a
guy is putting help wanted -- leg breakers on Craigslist.
Then there’s Dean &
de Luca, the Exxon Convenience store of the rich and famous, only without the
gas pumps. They’re owned by a real estate mogul in Thailand and they’re
closing stores at NASCAR speed.
And how about 5th
Avenue, strip mall to the stars? Lord & Taylor, Gap, Tommy Hilfiger
and Polo Ralph Lauren have closed their main stores there.
Blame all this on
Manhattan’s skyscraper rents, the latest youngest generation, and Amazon.com?
Well, sure. But wait, there’s more.
Maybe this is the answer
to the so-called economic boom we’re supposedly experiencing in penny ante
raises for poverty level wage earners and a stock market bubble. The
people with real money are allied in this case with the nation’s poor. Neither group believes the eco-recovery is
real. So the poor get poorer and the
rich horde cash.
No more yachts.
Just stock buybacks and mattress-stuffing. If you had megabucks, you
might be doing the same. If you have nothing, you’re finding out that the
highly-touted 15 dollar minimum wage ain’t going to help you at Kroger’s or
ShopRite.
If you have Monte Blanc
or Prada franchise, you have plenty of time to dust. As for the Rolls and
Bentley Dealers, they can get away with smaller staffs. After all, selling 15 cars a month instead of
20 is a job you can get done with a staff of two. And the shorter the
number of hours you’re open, the more the remaining spenders will beat a path
to your door.
I’m Wes Richards.
My opinions are my own but you’re welcome to them. ©
Comments? Send them
here: wesrichards@gmail.com
© WJR 2019
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