Extra Credit: Monthly index of locales with the highest propensity for credit-card spending, where 100 equals the national average.
Charge! Everyone from impulse shoppers to big spenders whips out the plastic when tapped on the shoulder by the angel of conspicuous consumption. These 10 locales share two common denominators: residents with high incomes and proximity to a cornucopia...
Charge! Everyone from impulse shoppers to big spenders whips out the plastic when tapped on the shoulder by the angel of conspicuous consumption. These 10 locales share two common denominators: residents with high incomes and proximity to a cornucopia of retailers. However, total bankruptcies for 2003 came to 1.66 million, a rise of 5.1 percent over 2002, according to the American Bankruptcy Institute, which cited figures from the Administrative Office of the U.S. Courts. While business bankruptcies fell last year, personal bankruptcies rose, accounting for more than 98 percent of last year’s filings. Experts say credit-card debt and medical expenses are the usual culprits that force individuals into bankruptcy.
STAMFORD-NORWALK, CONN. General credit card index: 125.21; spending potential: $82 million Population: 267,432 Some of Connecticut’s downtowns have seen better days. This area, however, is luring retailers such as Target and Wal-Mart, which opened two units in Norwalk.
DANBURY, CONN. General credit card index: 116.51; spending potential: $47 million Population: 164,112 According to local organizations, Danbury ended 2003 with the highest retail sales in the state — more than $4 billion. The area has one of the lowest unemployment rates in the state, 3.1 percent as of September.
SAN JOSE, CALIF. General credit card index: 115.32; spending potential: $363 million Population: 1,282,677 While San Jose suffered when the dot.com bubble burst, things have been looking up. New malls indicate that developers think there’s more money to be spent. Westfield’s Shoppingtown Oakridge is just one example.
HONOLULU General credit card index: 114.79; spending potential: $195 million Population: 692,698 After a few lean years with fewer tourists due to SARS and the Iraq war, sales moved up in Honolulu. Low unemployment, an increase in personal income and low interest rates aided the rise. Also, Hawaii’s economy in many ways has been outperforming that of the mainland.
SAN FRANCISCO General credit card index: 113.96; spending potential: $396 million Population: 1,417,604 According to local officials, the luxury business in Union Square is on the rebound. Reportedly the area racks up yearly sales of $1 billion.
MIDDLESEX-SOMERSET-HUNTERDON, N.J. General credit card index: 113.53; spending potential: $254 million Population: 913,022 Hot air balloon champagne flights on weekends are a regular sight in this genteel corner of New Jersey. Specialty stores include What a Girl Wants in Bernardsville and Things We Like and Added Touches in Clinton. For serious fashion, residents travel to the Mall at Short Hills.
ORANGE COUNTY, CALIF. General credit card index: 111.49; spending potential: $581 million Population: 2,123,519 Consumers began opening their wallets after Thanksgiving, according to retailers at Fashion Island in Newport Beach. South Coast Plaza in Costa Mesa, which caters to luxury customers, is more immune to economic blips.
BERGEN-PASSAIC, N.J. General credit card index: 111.07; spending potential: $286 million Population: 1,049,256 Retailers are anxious to target the Bergen and Passaic County shopper. Neiman Marcus, Macy’s, Lord & Taylor, J.C. Penney and Nordstrom are at Garden State Plaza. New Crate & Barrel, Ikea and Container Store units recently opened on Route 17. Parts of Route 46 have reached retail capacity, said local officials.
NASSAU-SUFFOLK, N.Y. General credit card index: 110.99; spending potential $564 million Population: 2,071,088 Nassau County has been hit with astronomic property tax increases in recent years, but that hasn’t stopped the stores from coming. The median household income for Nassau-Suffolk is $68,986 and jobs have been relatively stable.
BOULDER-LONGMONT, COLO. General credit card index: 110.92 spending potential: $64 million Population: 234,747 Boulder and Longmont have unique and successful downtown shopping districts. The question is what will become of them when Wal-Mart arrives, which seems inevitable as the company is considering a site in Longmont. Local retailers say they’re sticking to their knitting and stocking distinctive products.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews