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
7 hot businesses to start now It's hard to predict what businesses will take off, but these startup ideas have been drawing tons of interest from entrepreneurs and their customers on Thumbtack.com. More
How will a minimum wage hike hit businesses? Thirteen states increased the minimum wage on Jan. 1, and President Obama supports raising the federal rate to $10.10. 4 small business owners weigh in on how an increase would affect them. More
America's favorite businesses From a science camp for girls to a kombucha brewer, communities around the country voted on their favorite small businesses. These 12 came out on top, each scoring a $250,000 grant from Chase and a trip to Google's headquarters. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. 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.