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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

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LAST UPDATE: May 18 2009 | 3:28 PM ET
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