I remember a time when I had to hide behind my darkest shades to check out the clearance racks on Fifth Avenue, fearing exposure by some social snitch.
Now, with Saks declaring a $154.9 million dollar net loss for 2009, the entire store is a bargain basement. CEO Stephen Sadove said that customers did not respond to a forty percent-off sale in early November, so they made even further reductions, discounting merchandise by as much as 70 percent, before the holiday season. Rivals including Neiman Marcus Group Inc. and Barneys New York had to slash prices as well just to compete. So how will they ever justify charging full price again? Now we can get current season $800 Christian Louboutin pumps for $250, just about the same price as a pair of Aldos....
