Department stores put up a good front, but we’ve always assumed there was enough chaos behind the scenes to start a small riot. And it looks like we’ll get a chance to see it firsthand.
Santa Monica’s Fred Segal is getting its very own reality show focusing on the commission-crazed sales staff. We predict a healthy amount of back-stabbing, but as with any latter-day reality show, the real surprise is what the cast can do with a confession booth.
The New York department stores seem to be taking a page from stockbrokers—the page marked “frenzied panic.”
It was only a few weeks ago that Barneys and Bloomingdale’s announced a simultaneous across the board 40% markdown, but it looks there’s no bottom. Barneys has since raised the number to 60%, with Bergdorf and Saks offering up to 70%. It’s a feeding frenzy, and it has very little to do with Christmas.