It’s a sad day, as our generation’s Edison has passed away at the young age of 56.
Category: General Business (Page 12 of 17)
Meg Whitman is in, and the unpopular Leo Apotheker is out as CEO.
There’s little information on how this will impact HP’s strategy or their possible spinoff of the PC business. We’ll see . . .
There’s plenty of bad news out there about the economy, but sales of luxury products are doing very well.
Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years.
Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy. Luxury goods stores, which fared much worse than other retailers in the recession, are more than recovering — they are zooming. Many high-end businesses are even able to mark up, rather than discount, items to attract customers who equate quality with price.
“If a designer shoe goes up from $800 to $860, who notices?” said Arnold Aronson, managing director of retail strategies at the consulting firm Kurt Salmon, and the former chairman and chief executive of Saks.
The rich do not spend quite as they did in the free-wheeling period before the recession, but they are closer to that level.
The performance of the stock market has a lot to do with it according to the article, so sellers of luxury goods are probably very nervous today!
Things are still tough in Las Vegas. Check out this article about the state of business at strip clubs.
Times are rough in Las Vegas, even for Sin City’s second-most lucrative vice.
With the recession still dragging down discretionary spending, just the opportunity to ogle — or fantasize about your chances with — dozens of beautiful naked women isn’t enough to pack in the tourists these days. So a number of Las Vegas strip clubs are offering discounts and freebies to seal the deal, particularly during off-peak hours.
Some, such as Cheetah’s, will give you two-for-one lap dances every afternoon.
Others, like the Can Can Room and Crazy Horse III, halve the price of a lap dance that usually costs $20 for three to 4½ minutes at an all-nude club or two minutes at a topless joint.
These clubs are a huge business in Vegas, and it’s a great barometer of the overall economy.
“For years, Las Vegas has pretended like the adult community doesn’t exist,” says Wayne Bridge, CEO of the Sin City Chamber of Commerce, an alliance of adult-oriented businesses. “It’s a huge part of the economy and it’s really helping to carry a lot of people.”
At last count, there are 32 active strip clubs and between 30,000 and 40,000 registered exotic dancers in the Las Vegas Valley. On weeknights, some 1,500 women bump and grind at clubs here; weekends, that number doubles or triples.
“It’s huge,” Bridge says.
How huge?
An estimated $8 billion per year, second only to gaming as a component of the Las Vegas economy.
The freebies are working, as business has picked up. You couldn’t get a deal anywhere in Las Vegas 4 years ago. Now, the hotels, clubs and other establishments are working hard for business. It might be a good time for a trip!
The e-book revolution has claimed a rather large victim with the announcement that Border will proceed with liquidation.
Ann Arbor-based Borders Group Inc. plans to liquidate, marking the culmination of a years-long decline for the nation’s second largest bookstore chain, which had fallen into disrepair four decades after it opened its first store in downtown Ann Arbor.
The liquidation, which Borders announced shortly after 4:10 p.m., means that the 10,700 people who still work for Borders — including about 400 at its Ann Arbor headquarters — will lose their jobs.
The chain’s 399 remaining stores will be closed quickly, with liquidation sales starting as soon as Friday.
Although Borders is a shadow of its former self — it once employed some 1,800 workers at its corporate headquarters — it’s still a profoundly disheartening development for the local workforce. And it’s the biggest gut punch for the local economy since Pfizer announced its departure from Ann Arbor four years ago.
It’s ironic to see this happen, given what happened to independent booksellers over the years due to the success of the big box book retailers like Borders.
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