On Thursday, Sept. 10, the eve of Fall Fashion Week, Anna Wintour and Diane von Furstenberg will host “Fashion’s Night Out,” a celebration of the retail, fashion and design industry, all hard-hit by the economy (of course ask anyone I know and certainly they’d have rather been shopping than saving pennies from 401K oblivion). Hundreds of designers and stores in the U.S. and in 11 other countries will host a series of entertainment-centered shopping, even extending hours to accommodate shoppers. Vera Wang is set to have a DJ and American Idol’s Kara DioGuardi attend one her NYC stores.
The incentive? If you are a budget-conscious shopper there is none (well, free champagne is always a reason to attend anything!). This event has a larger purpose as it is intended to revive the retail industry [read: high-end]; essentially in détente with the economy, declaring the deep discounting as seen last winter a fleeting moment in retail’s past.
The Wall Street Journal explores industry leaders’ opinions on retail’s viability coming into holiday season explaining part of the liquidation prices from last year was due to too much supply and not enough demand, forcing retailers to slash prices – the ultimate dilemma for an industry built upon inflating emotional value where material value is minimal.
Yet it’s no small coincidence that the mastermind behind “Fashion’s Night Out” is none other than the editor-in-chief of Vogue. The definitive bible of fashion has seen a decline in revenue by 36% since its record-breaking 2007 issue. At the helm of the fashion industry for 26 years, Wintour has a job to do and it makes perfect sense for her to ask financially strapped socialites to save the retail industry through an expensive shopping event. To learn more about the alternative ways fashion magazines and designers are gaining visibility, click here.
Wintour on left, von Furstenberg on right. (Wall Street Journal/Robert de Michiell)
While it’s not saving the whales (or the sales), it is predicted “Fashion’s Night Out” will be a great success, after all, attitudes about the economy are changing.
What do the implications about a retail rebound mean for the average buyer? For starters, retailers are being conservative on the amount of inventory they order, some cutting back by 20%, ergo driving more demand. Deep pre-holiday sales may not be as fruitful for shoppers as they were last year, but the economy is not out of the red just yet. Stay tuned to Examiner.com to learn about the best places to shop and how to score the best deals for your budget.
In the meantime, there are plenty of ways to enjoy fashion if you’re unable to attend “Fashion’s Night Out.” Washington, D.C. too holds its own D.C. Fashion Week September 14-20th.
I’d love to hear your thoughts about the state of the retail and fashion industries. Submit your comments below or send thoughts to welcometothedistrict@gmail.com.
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Comments
Good Article. Greater Washington Fashion Chamber of Commerce (GWFCC) is encouraging DC Metro Area designers & boutiques to host Fashion Night out events.
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