(FORTUNE Magazine) – First poufs and miniskirts bombed. Then an unusually hot August delayed the start of the fall buying season. So with purchases off (3.3% in the first half) and women's apparel prices about 6% higher than a year ago, retailers can only hope that something on their racks will take off. So far, it looks as though pants are back, along with lower hemlines. Those frivolous Christian Lacroix knockoffs have been replaced by sleek, tailored suits and dresses. On Seventh Avenue the buzz word is ''wearable.'' Demographics help account for the switch from poufs to suits. Over the past eight years the number of American women ages 35 to 44 has increased 36%, while the number of teenagers and women in their early 20s has dropped. Baby- boomers who embraced minis as youngsters in the 1960s don't feel comfortable in them now that they have blazing careers. Besides, a third of all women in the U.S. wear a size 14 or up. This season's suits are much more stylish than the dress-for-success outfits, with their frumpy bow ties, popular five years ago. Streets & Co., which had three Manhattan stores that specialized in that cookie-cutter look, went out of business earlier this year. To appeal to the, ahem, maturing woman, large specialty retailers like the Limited and Charming Shoppes -- which have long been successful catering to the younger crowd -- are repositioning themselves. This fall, the Limited brought back a line of private-label suits that it had discontinued several years ago. The Bloomingdale's chain is hoping to lure customers with seminars on how to mix and match outfits for busy professionals. And Saks Fifth Avenue is devoting more floor space in its stores to career clothing.

All of this spells new competition for Alcott & Andrews, a chain that targets affluent female professionals by emphasizing customer service and a large selection of sophisticated clothing. After rapidly opening 13 stores in four years, the company needs more capital to finance further growth and is looking for a buyer.