Downtown Prices Move Uptown

Jul 21, 2003

By George Anderson

Bargains are in these days in the best of circles. Discount retailers such
as Stein Mart, covered in a Washington Post report, are finding new homes
and greater success in areas previously reserved for the Neiman Marcus’ of the
retailing world.

Renee Katziff, a spokeswoman for TJX Cos. owner of T.J. Maxx and Marshalls
said, “Off-price shopping is not about affordability. Even in an upscale area
like Chevy Chase, all classes like a bargain.”

Frank Guzzetta, president, Hecht’s knows that off-price retailers are benefiting
at his stores’ expense. “There’s a definite battle,” he said. “All of us (department
stores) are getting hurt by it to some degree.”

Moderator’s Comment: Are department stores going the
way of the dinosaur in the US?

They are certainly heading toward endangered retail species
Anderson – Moderator

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