The New York chapter of the Association for Corporate Growth held its 2011 retail update Wednesday, discussing topics such as holiday outlook, the future for J.C. Penney and private equity financing. The event, split into two panel discussions, was held at the New York Athletic Club.
In the discussion on retail outlook, Jeff Edelman, director of retail and consumer adviser services at accounting firm McGladrey, said companies should be focusing on the 91 percent of consumers who still have jobs and discretionary income instead of the 9 percent who don’t. Edelman also wasn’t sure if the new J.C. Penney strategy of everyday low prices would work. “Dillard’s Inc. tried that to make it less promotional. No one walked into the store. You can’t change the consumer overnight,” he concluded.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"