3 of 6
Price wars in the luxury market
Price wars in the luxury market
Crawford Brock
Owner, Stanley Korshak

After buying this luxury apparel business in 2002, we doubled revenues every year until 2008. We didn't have a great spring or summer, and in the last 60 days, business has just fallen off a cliff.

We know that the people who come into our store are there to buy, not look. But they are buying less and less. December is typically a huge month for us. We don't anticipate that to be the case this year. And because we've already trimmed so much fat, I worry about the fate of the company if things don't turn around.

This is a challenging time. I'm going to stay optimistic but at the same time be cognizant of the fact that we can't keep up with the price slashes at Neiman Marcus and other luxury stores. Until sales pick up, we're just going to concentrate on keeping our heads up and above water.

NEXT: An extra job to keep the business alive

Email | Print | Share  |  RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
LAST UPDATE: May 18 2009 | 3:28 PM ET
Sponsored by
More Galleries
A sampling of beers being made with traditional Latin flavors A small but growing number of craft breweries are including passion fruit, Mexican cinnamon and other traditional Latin flavors. More
Banks won't lend? Use these guys instead Banks often have exhaustive approval processes, high minimums, and flawless credit requirements. But there's a wealth of non-bank alternatives for those who need capital fast. Here are some of the leaders. More
Facebook launched my startup These entrepreneurs relied exclusively on Facebook, Twitter and Instagram to jumpstart their small businesses. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.