No lines at Tiffany's. And it appears that Tiffany was "stung by its own success." Meaning what, you may be asking? Marketwatch explains: The company has done a dazzling job of marketing itself as purveyor of luxury to the affluent. The truly wealthy are, by definition, sheltered from such tawdry concerns as jobs and mortgages. So it would follow that Tiffany would also be sheltered from a weak economy.
Turns out, however, that Tiffany's clientele is heavily weighted toward "aspirational" customers (as they politely refer to them in the shopkeeping trade) who get a thrill dabbling at the top end of the consumer pyramid, even when they have no business being there.
Lowering the bar has been a deliberate part of Tiffany's plan. It has spent a lot of time and energy luring entry-level customers off the street with little baubles and bangles that are proudly carried home in those exquisite little turquoise boxes.
But when times get tough, aspirationals are the first to bail. As they do, they expose Tiffany as a purveyor of fantasies, and fantasies don't pay the bills. Hard-nosed investors should have seen through that long ago.
And still I see stories and posts about certain stores selling $2,500 cashmere hoodies. I guess they serve the real rich and not aspirational customers. Wonder how long they will last.
I think Tiffany's should get bailout money from the Obama administration. I hope George Will and Kraphammer and Kristolnacht and the other boyz in the bund told him that at dinner chez Baseball George. Bet PSK would go for this even if Ugly Andy Cuomo wouldn't.
Posted by: JDM | January 14, 2009 at 07:55 PM
Great idea, JDM. No doubt you are right and Obama's been told to do it pronto. Then again, Tiffany's is for posers. Harry Winston, on the other hand, is more deserving since only the truly rich can buy his shiny shit. GMB
Posted by: GM B | January 14, 2009 at 09:53 PM
I couldn't even afford a toenail clipper in Tiffany's.
Posted by: Lisa | January 14, 2009 at 10:22 PM
Lisa: No doubt it's silver plated. but a plain old stainless steel one will do the job, no? GMB
Posted by: GM B | January 14, 2009 at 11:24 PM
I always use the express line when I have breakfast at Tiffany's.
Posted by: Sorghum Crow | January 15, 2009 at 09:27 AM
Oh, the pain! The torment! Help these poor people out!
/shit-eating grin
Posted by: dguzman | January 15, 2009 at 01:37 PM
I'm crying them a river.
Posted by: Spartacus | January 15, 2009 at 02:10 PM
Sorghum: There's nothing but express lines at Tiffany's now.
dguzman: Now's the time to do a run on Tiffany's. Little expensive crap you don't need...50% off!!!
Spartacus: I'm crying with you. GMB
Posted by: GM B | January 15, 2009 at 07:44 PM