Retail stocks inched up 0.5 percent Monday as President Obama came to Wall Street to mark the anniversary of the fall of Lehman Brothers and to warn bankers that they cannot return to their old ways.
“The storms of the past two years are beginning to break,” said Obama, stressing that recovery could not lead to complacency. “We will not go back to the days of reckless behavior and unchecked excess that were at the heart of this crisis.”
The S&P Retail Index rose 1.79 points to 374.16 as the Dow Jones Industrial Average rose 0.2 percent, or 21.39 points, to 9,626.80.
Consumers are still being extremely cautious as unemployment rises, but young professionals in particular appear to be showing signs of life.
Sixty percent of the people surveyed for American Express’ first Spending & Saving Tracker said they would spend the same or more over the next 30 days than they did during the preceding 30 days.
That leaves the other 40 percent of consumers cutting back as retailers push through the end of the back-to-school season and ready themselves for the holidays. The poll of 2,032 adults was conducted in late August.
“I don’t think anyone expects the American consumer to quickly return to the spending levels of the last few years, but amid their cautiousness we are seeing some areas where people are willing to increase spending,” said Pamela Codispoti, senior vice president and general manager of Cardmember Services.
Young professionals were more likely than affluent consumers or the general population to say they would boost their spending, with 24 percent planning to increase expenditures. Of the young professionals who did plan to spend more, 65 percent said they would buy more apparel, 54 percent said they would spend more dining out and 53 percent expected to up their travel budgets.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews