LOS ANGELES — Retailers in this key market face a struggle until at least the end of 2008 as key industries falter, a new study said.
The weak housing market along with turmoil in the entertainment and financial industries will stifle growth statewide, according to the Los Angeles County Economic Development Corp.'s 2008-2009 Economic Forecast & Industry Outlook.
The survey predicted a decline in taxable retail sales.
"This is a tough time for retailers, and it will remain tough until the end of the year, when the Fed interest rate adjustment and the federal economic stimulus package kick in," said Jack Kyser, chief economist for the LAEDC. "A lot of the big retailers have lost their nerve and are playing it safe with the type of inventory, but if they don't have anything new people aren't interested."
Many landlords "have been raising the [retail] rents exponentially, and they're driving leaseholders out of business," Kyser said. "In the apparel sector, it's the people who can fill small orders and make quick turns that will fare the best through this."
The entertainment industry faces more potential unrest. The Screen Actors Guild contract expires June 30, and there is lingering fallout from the 14-week strike by the Writers Guild of America, which took a toll on retailing before it was settled last week.
The economic forecast said payroll employment would grow 0.5 percent this year and 1 percent in 2009. Employment inched up 0.7 percent in 2007.
The housing slump is expected to keep a lid on purchases of furniture, home appliances and building materials, the report said. Stagnant or lower sales would have a negative impact on local governments, which depend on retail sales tax revenue to help fund their budgets.
A few sectors are expected to add positions this year, including leisure, hospitality and professional services.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)