Downtown Prices Move Uptown
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
territory. [George
Anderson – Moderator]