It Will Take Time Before Luxury Consumers Resume Back To Splurge-Mode

June 12, 2009

Luxury merchants shouldn’t expect affluent shoppers to go back to splurging anytime soon, says Claudia D’Arpizio, partner and luxury goods expert at consulting company Bain & Co., who anticipates that the global luxury business will not fully rebound until 2012.

That means a wave of consolidation in the luxury industry over the next year or so as companies try to survive, she said. Luxury chains continued to be the weakest retail sector in May with Saks Inc., for example, reporting same-store sales 26.6 percent lower than a year earlier.

D’Arpizio told a group of journalists Tuesday that she forecasts a 10 percent decline in luxury spending worldwide for this year, after spending was flat in 2008. She foresees sales remaining at 2009 levels in 2010 and then rising 4 percent in 2011 and gaining 7 percent to 8 percent for 2012.

While big global brands have more muscle to endure the slowdown, D’Arpizio said, “everyone is experiencing a reduction,” and merchants need to come up with a better store experience and to target younger shoppers and working women to stay viable.

Luxury retailers —confronting a persistent falloff in spending on luxury goods since the financial meltdown ballooned last September — are starting to offer more merchandise at entry-level designer price points.

But shoppers who enjoyed discounts up to 80 percent last fall and during the holiday shopping season, aren’t likely to see promotions that grand later this year, D’Arpizio noted. That’s because upscale stores have cut their orders by 10 percent to 15 percent for the holiday season and next spring.

Clothing sales are expected to continue to suffer bigger sales declines than the shoe category: Shoppers are buying fewer pairs but are unwilling to switch to cheaper options, D’Arpizio said. Among the hardest hit geographical areas are Europe, Japan and the Americas, while China is expected to show a 7 percent gain in luxury sales this year, according to the report, to be formally released later this week.

Luxury shoppers from the ultra rich to the aspirational have cut back, just in different ways, D’Arpizio said. Shoppers at the highest end are buying less ostentatious and more “classic, more durable” pieces, while aspirational consumers are trading down to the more affordable secondary lines of designer collections.

D’Arpizio said that when the economy recovers, shoppers’ focus on the best quality for the money will linger.

Excluding retail giant Wal-Mart Stores Inc., May marked the 10th straight month that same-store sales have fallen industry-wide compared with a year earlier, according to a tally released last week by Goldman Sachs and the International Council of Shopping Centers. Same-store sales — sales at stores open at least a year — are considered a key indicator of a retailer’s health.

For further information, visit: http://www.topix.com/business/retail/2009/06/luxury-sales-not-likely-to-show-full-rebound-until-2012-bain-co-luxury-analyst-predicts

Retail Sales Vary Across the U.S.

June 11, 2009

Retailers in cities across the U.S. reported the economic clouds of the last few months could be parting, but consumers remained focused on necessary purchases instead of luxuries, according to the Federal Reserve Board’s Beige Book released Wednesday.

Anecdotal accounts in the report point to a leveling out of sales pressures and in some regions slight improvements, as the economic downturn appeared to moderate. Overall, the 12 districts included in the Beige Book said economic conditions were still difficult, but five districts said the downward trend was slowing and several said their outlook had improved.

Retailers in New York, Minneapolis and Dallas reported slightly improved sales in recent weeks. Reports from Boston, Philadelphia, San Francisco, Cleveland, Kansas City and Atlanta were flat or mixed. Several districts said discount retailers continued to perform better than other stores.

Sales of luxury goods and discretionary purchases were sluggish in most districts. Retailers in New York, Philadelphia, Chicago, Dallas, San Francisco and Kansas City reported consumers were favoring less expensive or discount lines and stores over premium brands and luxury products.

In Philadelphia, merchants gave conflicting reports, but generally indicated they do not expect sales to improve during the rest of 2009. The chief executive officer of a large chain store said, “We are a value proposition, so we are benefitting from uncertain economic times.” Another executive at a high-fashion chain said, “Luxury is in the tank.”

Sales in Kansas City remained steady, according to retailers in the district, but had not yet recovered compared to last year. Sales of basic apparel items increased, but demand for luxury goods and home furnishings was still lackluster, according to retailers in the area. Mall traffic was also slower.

Department stores and specialty retailers in San Francisco reported weak overall demand. One retailer in New York said price discounting had reared its head again recently.

In contrast, most retailers in Boston reported a modest sales increase over the same period a year earlier despite continued pressures on other sectors in the district.

For further information, visit: http://www.wwd.com/business-news/gap-remodeling-50-old-navy-units-2164602#/article/business-news/beige-book-notes-some-retail-improvement-2164427?navSection=business-news

Sample Sales Are No Longer Exclusive

June 9, 2009

It’s the summer of the sale. Designers and retailers saddled with extra merchandise that didn’t move because of the economic downturn are trying to get rid of it — at steep discounts.

Last week, Gabay’s Outlet in the East Village (225 First Ave., gabaysoutlet.com) became a temporary downtown Henri Bendel outpost when it received huge shipments of designer denim, dresses and signature Bendel knits from the uptown luxury retailer, all marked down by 50% to 80%.

This month alone promises more than 20 sample sales, including designers like Gucci, Prada and Rag & Bone.

“I think we’re reaching a peak right now,” says Kathryn Finney, founder of thebudgetfashionista.com. Her prediction: This kind of leftover glut won’t happen again!

“I think toward the end of the year, we won’t see that many crazy, wacky sales — not at the level we’re seeing now,” says Finney (above). “I think the recession really took the retail industry by surprise and a lot of retailers have adjusted production for fall/winter.”

She’s got a few tips for maneuvering the bargain basements:

How do you find out about sample sales?

A lot of high-end designers, like Vera Wang, Prada, DVF, Vivienne Westwood and Ferragamo, are marketing their sample sales. In a given week we get 30 to 40 notices of sample and warehouse sales. Prada’s sample on Sullivan St. used to be very exclusive and you had to really be in the know. Now, you don’t have to be an insider. Go to thebudgetfashionista.com/sales for an up-to-date listing.

What kinds of deals are you seeing at sample sales and discount retailers?

There are definitely better deals on more luxury pieces and better selection. It used to be at sample sales that unless you went first day, all that was left was the stuff you didn’t want.

Now it’s actually stuff you want. You can find Ferragamo shoes for $50 to $75, Vera Wang wedding dresses for $300 to $400.

Why are we seeing such steep sales, especially from luxury brands that don’t normally get marked down?

They produced all these things they couldn’t sell, so I think that’s why we’re seeing a lot of these warehouse and stock sales. All the gluttony of things they couldn’t sell six months ago — they’re trying to clear their warehouses.

This was stuff that was made to sell, stuff that is left over in their stock, and they need to move it. It costs money to store the merchandise, and the longer it sits there the more it costs them. So it’s better to get rid of it, which is why you find things at Gabay’s.

Are there still deals to be found shopping at the major department stores?

Department stores are offering coupons, especially if you have a store credit card, because people aren’t using them right now. If you buy at Macy’s with your store card and, say, they’re having a sale in three or four days, you can buy it on sale that day and they’ll ship it to you later when it goes on sale.

You don’t even have to be there for the sale — it’s called a presale. And you can get alterations done under presale. This is what they’re offering in order to generate loyalty.

You can negotiate other perks, like free shipping and free alterations, in addition to the discount. Before you go to any store, you should go to their Web site for coupons.

Lord & Taylor has really good deals. They have sales every week. You can get coupons online (lordandtaylor.com) and you don’t need a store credit card to use them.

For further information, visit: http://www.nydailynews.com/lifestyle/fashion/2009/06/04/2009-06-04_sample_sale_frenzy_.html

Consumer History Data Is Irrelevant: Forecasting On Current Consumer Buying Behaviors

June 9, 2009

During the first day of IE Group’s Consumer Packaged Goods Forecasting and Planning Summit last week, almost every speaker reiterated that historical trends and year-over-year comparisons do not carry the same weight that they have in the past. And although these metrics are still valuable for forecasting, many other factors now need to be considered due to the rapidly changing economy and buying behaviors of consumers.

One of the main thoughts behind this reconsideration of traditional methods is that consumers are saving again and, thereby, taking money out of the market. Pat Conroy of Deloitte Consulting estimated that if consumers save just seven percent more than they have in the past – not an unlikely scenario, according to his research – they will be removing $500 billion from the economy. He also made an excellent point that, as consumer spending goes down, a greater percentage of the money that they do have to spend may be allocated toward services vs. products – his theory being that their expendable income will go toward fixing products they already own to stretch their investments.

We also heard in the presentations that there is a new attitude – “Frugal is cool.” People are buying fewer luxury items. Even those consumers who can afford them are leaning toward purchasing less conspicuous and more “everyday” products. Another factor affecting purchasing is the general fear in the market coming about due to the government’s explosive spending, the housing crisis, the banking and auto crisis and more.

Tim Weidenhaft of General Mills echoed the sentiment that shifts in demand patterns due to economics also makes purchase history less relevant. He pointed out that this is causing higher demand volatility and a resurgence of coupon redemption.

A key sentiment in many presentations was that automating the integration of POS scan and forecast data and integrating it with things like promotions, shipments, forecasts and orders through applications like POSmart, is a critical factor. Also, leveraging panel data, weather trend data, syndicated data and even economic data that can be purchased through third party sources are several more ways to improve forecasts.

For further information, visit: http://www.retailwire.com/discussions/sngl_discussion.cfm/13781

Luxury And Department Stores Lead The Decline

June 6, 2009

Retailers struggle for sales in May only reflected the larger struggle that consumers face. Across the nations job losses are widespread and manufacturing sector continues to shed jobs.

Luxury and department store led the declines in May. Even the discount stores did not escape from the same store sales decline. Teenage retailers and select apparel stores managed to report monthly and year-to-date sales increase.

Abercrombie Fitch reported the worst same store sales decline of 28% followed by losses of 26.6% at Saks and 13.1% at Nordstrom.

Aeropostale sales increased 19% and at Ross gained 4%. The Gap, Target and Costco reported more than 6% decline in sales.

Target Corporation net retail sales in May decreased 2.3% to $4.46 billion from a prior year month. The comparable sales in May fell 6.1%.

Wal-Mart Stores will no longer declare monthly same store sales but will provide quarterly same store sales increase.

Department Stores Sales Decline Accelerate

Macy’s, Inc May same store sales fell 9.1%. Total sales declined 9.5% to $1.74 billion compared to $1.93 billion for the month of year ago.

For the year to date, total sales were $6.94 billion, a decrease of 9.5% from $7.67 billion from the year ago period. For the year-to-date same-store sales fell 9.1%.

Macy’s online sales in April gained 12.2% and for the year surged 15.2%.

J. C. Penney Company, Inc. reported comparable store sales decreased 8.2% for the four week period ended May 30 compared to a decline of 4.4% from a year ago month. Total sales in April declined 6.7%.

Sales for the first thirteen weeks declined 6.1% compared to a fall of 4.5% and comparable sales decreased 7.7% compared to a fall of 6.6% in the quarter a year ago.

For the five-week period ending July 4, 2009, the company expects same store sales to fall between 9% and 12%.

Kohl’s Corporation reported total sales for the four-week period ended May 30, 2009 increased 4.1% from a year ago. On a comparable basis same store sales fell 0.4% in the month.

Total sales for the year to-date rose 1.3% and on a comparable store basis, sales for the year decreased 3.2%.

Luxury Sales Drop the Most

Dillard’s, Inc. reported sales for the four weeks ended May 30, 2009 declined 14% to $430 million compared to a year ago period. Comparable same store sales fell 12%.

For the seventeen weeks ended May 30, sales decreased 15% to $1.47 billion from a year ago period. For the period, comparable same store sales declined 13%.

Saks Inc. total sales for the four weeks to May 30 decreased 25.8% to $166.1 million compared to $223.9 million in the month last year. Comparable store sales fell 26.6% for the month.

For the year-to-date ended May 30, 2009 total sales declined 26.7% to $781.1 million compared to $1,066.4 million in the prior year period. Comparable same store sales decreased 27.4% for the fiscal year.

Nordstrom, Inc. preliminary sales for the four-week period ended May 30 decreased 8.7% to $653 million from $716 million in the month a year ago. Same store sales fell 13.1% in the month.

Preliminary year-to-date sales decreased 9.1% to $2.36 billion compared to $2.59 billion in the first quarter 2008. For the year-to-date same store sales decreased 13.2%.

Teenage Apparel Retailers, the Only Gainers

Aeropostale, Inc. net sales for the four-week period ended May 30 increased 30% to $132.9 million from $102.3 million in the month a year ago. Same store sales increased 19% for the month meeting the sales rise in the month a year ago.

Year to date total net sales increased 23% to $541.0 million from $438.7 million in the year ago period. Year to date same store sales increased 13% compared to increase of 9% in the period of year ago.

American Eagle Outfitters, Inc. for the four-week period ended May 30 sales decreased 2% to $195.5 million from $200.0 million in the month a year ago.

Comparable same store sales decreased 7% in the month compared to a declined of 9% in the month a year ago.

Total year-to-date in the seventeen week period decreased 4% to $807.5 million compared to $840.4 million in the year ago period. Comparable same stores sales decreased 9% for the year compared to the same period last year.

Management reiterating guidance of second quarter earnings per share to be 12 cent to 15 cent compared to 29 cent last year.

Abercrombie & Fitch Co. reported net sales in the four-week period ended May 30 fell 22% to $182.1 million from $233.1 million prior month period. Comparable store sales decreased 28%. May direct-to-consumer total net sales decreased 10% to $15.6 million from a year ago month.

Year-to-date sales decreased 23% to $794.2 million from $1.033 billion in the year ago period. Comparable year-to-date sales fell 29%. For the year-to-date direct-to-consumer net sales decreased 19% to $64.7 million.

The Buckle, Inc. comparable sales in the months increased 13.4% from a year ago.

Net sales in the month increased 19.2% to $60.6 million from net sales of $50.8 million for the same period of year ago.

Year-to-date seventeen-week period comparable store net sales for the period ended May 30, 2009 increased 16.7% from the period a year ago. Net sales for the seventeen-week period ended May 30, 2009 increased 23.3% to $260.2 million from net sales of $211.1 million for the prior year period.

The Cato Corporation sales in the four-week period ending in May 30 decreased 3% to $78.1 million compared to $80.5 million for the four week period ended May 31, 2008. Comparable store sales for the month fell 3%.

Sales for the seventeen weeks ended May 30, 2009 increased 3% to $316.2 million from $306.3 million for the period of year ago. Year-to-date comparable store sales decreased 1% compared to the prior year.

The Children’s Place Retail Stores, Inc net sales in four-week period ending on May 30 decreased 7% to $101.7 million from $109.4 million a year ago. Comparable store sales for May decreased 9% compared to 12% increase in the month year ago.

Comparable store sales for May in the U.S. fell 9%, in Canada decreased 7% and online sales rose 1%.

The Gap, Inc. net sales declined 5% to $1.03 billion for the four-week period ended on May 30 compared with net sales of $1.09 billion for the same period a year ago.

The comparable store sales for May decreased 6% compared to fall of 14% in the prior year month.

Comparable store sales at Gap North America locations declined 11%, at Banana Republic North America fell 14%, at Old Navy North America rose 3% and at international locations fell 7%.

Year-to-date seventeen-week period ended May 30, 2009 net sales fell 7% to $4.16 billion compared with net sales of $4.47 billion in the year ago month and comparable sales in the year-to-date declined 7% and fell 12% in the quarter a year ago.

Hot Topic, Inc. reported comparable sales decreased 6.3% for four weeks period ended May 30, 2009. Net sales decreased 3.1% to $33.5 million compared to same period of year ago.

Destination Maternity Corp, formerly Mothers Work, Inc. net sales in May decreased 5.3% to $51.3 million from $54.2 million a year ago. Comparable store sales decreased 5.4% in the period compared to prior year month.

Limited Brands, Inc. comparable store sales fell 7% to $618.7 million for the five weeks ended May 30, 2009.

The company reported for the seventeen-week comparable store sales decreased 7% to $2.34 billion.

Stein Mart, Inc. comparable store sales in May rose 0.2%. Total sales fell 2.8% from a year ago month to $105.4 million.

Stage Stores, Inc. net sales in four-week period ending May 30 decreased 4.7% to $116.8 million from $122.6 million a year ago. Comparable store sales for May decreased 7.2% compared to 0.1% increase in the month year ago.

For the year-to-date comparable store sales fell 8.6% to $450.3 million from $476.1 million from year ago.

Discount Apparel Sales Sustain Momentum

The TJX Companies, Inc. May sales increased 4% to $1.49 billion.

For the seventeen-week period to May 30 sales increased 1% to $5.84 billion from a year ago. Comparable store sales for four-week period ended May 30, 2009 rose 5% and for seventeen-week period to May 30 comparable store sales increased 3% from year ago.

Ross Stores, Inc. May sales increased 10% to $564 million compared to $513 million a year ago. Same store sales rose 4% in the month.

For the seventeen weeks ended May 30, 2009 sales increased 9% to $2.26 billion from $2.07 billion in the nine weeks ended May 31, 2008. Comparable store sales increased 3%.

For further information, visit: http://www.123jump.com/market-update/Luxury,-Department-Stores-May-Sales-Weakest/33231/61

Expected Worse For June

June 5, 2009

Even when shoppers showed up, they didn’t spend, making May another bruising month for many retailers, including Target Corp.

Target’s same-store sales fell 6.1 percent, a bigger drop than the 4.3 percent analysts expected. Overall, necessities like food and health care products continued to be the strongest sellers. Sales of apparel and home products continued to be weak. In April, Target had a tiny sales increase, its first in months.

Minneapolis-based Target has adjusted by shifting its focus from fashion to necessities. The company also has been cutting costs — including job reductions at its headquarters — as well as seeking deals from suppliers.

Customers may notice. “You also have less labor in the stores, especially labor that would have customer contact,” said George Rosenbaum, chairman of Chicago consumer research firm Leo J. Shapiro & Associates.

That said, Target’s much-larger rival, Wal-Mart Stores Inc., didn’t report results for last month, making conclusions about the broader retail sector more difficult. The world’s largest retailer, Wal-Mart sales have tended to boost the sector during the recession.

According to a preliminary tally of U.S. retailers by Goldman Sachs and the International Council of Shopping Centers, same-store sales fell nationwide 4.6 percent, worse than the 3 percent predicted.

Same-store sales, or sales at stores open at least a year, are a key indicator of retail performance because they factor out sales at newly opened stores. Economists closely monitor consumer spending, because it accounts for about 70 percent of U.S. economic activity.

Department store chain Kohl’s Corp., based in Menomonee Falls, Wis., on Thursday reported stronger than expected sales for May, with comparable-store sales down 0.4 percent. Analysts reporting to Thomson Reuters had expected Kohl’s sales to drop 3.8 percent.

Meanwhile, luxury chains and larger department store operators continued to be the weakest sectors, with teen apparel mall retailers such as the Buckle Inc. stronger. Warehouse club chain Costco Wholesale experienced a sales dip, and so did department store chain Macy’s.

“There’s general softness across the board, as consumers continue to face rising unemployment, falling home values and rising gas prices,” said Ken Perkins, president of retail consulting firm Retail Metrics LLC. He expected same-store sales to fall 3.6 percent overall.

Britt Beemer, chairman of America’s Research Group, a consumer-research firm in Charleston, S.C., said he was shocked at how weakly retailers performed given that his data showed 5 percent more shoppers were at stores during the Memorial Day weekend than a year earlier.

He noted that shoppers only appear to be making sale purchases and buying items on their lists.

“June,” he said, “is going to be a retail train wreck.”

For more information, visit: http://www.tradingmarkets.com/.site/news/Stock%20News/2362990/

Discounts Did Not Boost Enough Sales

June 5, 2009

U.S. retailers continued to struggle with weak sales again last month as even heavy discounting at some pricier chains failed to lift the sector.

Discounters stood out as having the best results amid a bleak May. Some of the better performers were chains offering department-store cast-offs while luxury-goods companies and midpriced department store chains continued to suffer.

“What we’ve seen recently is a very strong sentiment and sensitivity toward value” said Tom Wyatt, president of Gap Inc.’s Old Navy division. The low-priced unit of Gap posted a 3% increase in sales even as its parent reported overall sales at stores open a year declined 6%.

TJX Cos. reported a 4% increase in stores open more than a year. Ross Stores Inc. posted a 4% increase, while Kohl’s Corp. reported a 1% decline from a year ago. Their showings illustrate “the discount apparel format is starting to emerge” from the decline in consumer spending, said Brendan Langan, an analyst at retail consultants Management Ventures Inc.

Still, overall sales at stores open at least a year, a closely watched measure of retail health, slid 4.4%, according to an index of 28 retailers compiled by Retail Metrics Inc. Results didn’t include industry behemoth Wal-Mart Stores Inc., which stopped releasing its monthly sales figures. By the same measure, April sales declined a less steep 2.7%.

Among those reporting declines, Target Corp. said same-store sales fell 6.1%, Costco Wholesale Corp. posted a U.S. same-store sales drop of 1% excluding fuel, and BJ’s Wholesale Club Inc. said sales fell 6.8% from a year ago. BJ’s said it faced a difficult comparison against higher gas prices last year.

In part, all retailers faced a similar hurdle compared with results from a year ago: Government checks, meant to boost the economy, had a positive impact on sales throughout the summer of 2008. “We didn’t have that boost this year,” said Thomson Reuters retail analyst Jharonne Martis.

May’s steeper slide may show retailers efforts to woo shoppers with discounts are being ignored. Hot Topic Inc., the teen retailer, discounted its denim prices by as much as 30% and 40%. Abercrombie & Fitch Co. shifted from its full-price strategy by erecting big summer clearance signs in front of stores. Yet neither returned high dividends: Same-store sales at Hot Topic fell 6.4% last month, and Abercrombie & Fitch reported a 28% decline, far more than analysts had predicted.

Aeropostale Inc. offered a rare bright spot among middle-tier, teen apparel retailers, posting a 19% increase in same-store sales. Buckle Inc. posted a 13.4% increase, its 22nd month of double-digit gains.

In the luxury sector, Saks Inc. and Nordstrom Inc. reported steep declines, reflecting the continued woes for high-end retailers. Mid-priced department stores did not fare much better. Dillard’s Inc. said same-store sales fell 12%, Bon-Ton Stores Inc. reported a 12.1% decline while at Macy’s Inc. same-store sales fell 9.1%

For further information, visit: http://online.wsj.com/article/SB124411973852585047.html

Post-Recession: Luxury Clothing Sustainability

June 3, 2009

A smaller, stronger core of luxury — and fashion-forward — firms is likely to emerge from the recession, according to a new survey.

New York-based Abrams Research polled more than 100 luxury-industry experts — executives, designers, buyers, editors and bloggers, among others — and 36.8 percent said the luxury sector would evolve to a more streamlined but strengthened model, with 34.9 percent expressing confidence that aspirational consumers would be a key component.

“This has everything to do with how these brands are facing the challenge of marketing themselves through new channels, like social media,” said Dan Abrams, chief executive officer of Abrams Research, who also is chief legal analyst for NBC and MSNBC.

Respondents were asked to name retail and fashion brands that were best-positioned to thrive and were given the option of selecting as many as three brands.

Topshop ranked first, with 34.1 percent of those surveyed naming it as a brand that will flourish. It was followed by Chanel, 28 percent; Louis Vuitton, 21.9 percent; Forever 21, H&M and Marc Jacobs, all tied at 13.4 percent; Hermès, with 7.3 percent, and J. Crew, 6.1 percent. Other brands that got traction included Cartier, Yves Saint Laurent, Gucci, Rolex, Tiffany & Co., Diane von Furstenberg and Prada.

“There is a huge contrast between these top brands, and you see it within the top two names: It’s Topshop versus Chanel,” Abrams said. “These brands represent two business strategies that can survive the recession. You either stick with discount prices and strategically market your products, or you stay true to your loyal fan base and don’t compromise the quality of your goods, so as not to dilute your brand.”

Shopping brands online that respondents felt were best-positioned to thrive were: Net-a-porter; 33.7 percent; Gilt Groupe, 15.7 percent; neimanmarcus.com, 8.9 percent; barneys.com, 6.7 percent, and Eluxury.com, 6.7 percent. “The broad lesson here is that the luxury-brand community knows they have to make themselves relevant online,” Abrams said. “So how far do they go without losing that sense of exclusivity?”

The survey asked how the Internet will best be used by luxury brands for marketing and advertising. The results: 34 percent ranked “innovative advertising” as the most effective tool, including mini Web movies on brands’ sites — such as those that have been featured on gucci.com and tods.com. Partnerships with influential fashion-luxury bloggers followed with 27.4 percent and use of social networks such as Twitter and Facebook, 13.2 percent. And 13.2 percent of respondents also said distribution beyond high-end sites, such as neimanmarcus.com, to lower price-point sites, like Zappos.com, would be an effective tool for luxury brands.

“As marketing through social media moves to the forefront for many businesses, I think a lot of luxury brands are now saying, ‘How do we get ourselves on Twitter? Do we really want to be there? Does that cheapen us?’ ” Abrams said. “Brands need to figure out a way to still be exclusive within the social media platforms, because it’s an enormous marketing opportunity.” For further information, visit: http://www.wwd.com/business-news/retail-stocks-extend-gains-rise-15-percent-tuesday-2155407#/article/retail-news/after-the-recession-the-look-of-luxury-2155374?navSection=business-news