Tag: E-Commerce

Saks Global: Neiman Marcus, Bergdorf Goodman and Amazon

What happens when you blend luxury retail giants, a pandemic and the rise of e-commerce? You get the new Saks Global. That is, I’m sure you may have heard by now that Saks Fifth Avenue bought Neiman Marcus for $2.65 billion dollars. Amazon has thrown their weight around joining the merger as they have tried brick-and-mortar stores Amazon Style to no success. Amazon will probably help streamline the stores, but will it take away the identities of such luxury dealers? 

I used to go to Bergdorf Goodman when I was living in Manhattan and always made my way to the 5th floor pausing to eat at the lovely restaurant on the 7th floor. Shopping there was a special experience like no other, in my opinion. How will Saks Fifth Avenue preserve the uniqueness and originality associated with buying from Bergdorf Goodman? I remember when Amazon took over Whole Foods and while some things have changed, Whole Foods still sources locally and features smaller brands.

What do you think will happen with the new Saks Global?

Sincerely,

“Fashionably-Late”

Malinda F. Knowles

Artifical Intelligence and The World of Fashion

So I’m sure you’ve seen the new AI images or heard about the usage. From generating nude images of celebrities like Taylor Swift to artists that use it as a creative expression, it just might takeover the planet. Instead of hiring models, AI images can suffice for ad campaigns and e-commerce models. The images pictured here are from the brand Stradivarius, who wanted to exaggerate the real collection. Is this the end of real photography and models? Only time will tell. And the government will have to find a way to deal with AI nudes that are being generated as well. What do you think?

Sincerely,

“Fashionably-Late”

Malinda Knowles

Future of E-Commerce

So, years ago I said I wanted my own brick and mortar store to sell some of my designs and art merchandise. Well, I am not upset that I never opened a store (not to say it might not be in my future) but for now, e-commerce is great.

Did you know that by 2026, 24% of retail purchases will be done online?  The global e-commerce market is expected to total over $8.1 trillion dollars by 2026. No one can argue that online shopping isn’t easy even though folks abandon their shopping carts over shipping fees or slow delivery times. Amazon has the highest market share of all e-commerce accounting for about 38% of all online sales. Next come Walmart, eBay and Target.1

I’m almost positive that 2020’s Covid epidemic also boosted online sales as many people tried to avoid interacting with others. And, of course, Cyber Monday and Black Friday seriously grows every year. Last year, Adobe Analytics reported a record $9.8 billion in Black Friday sales and $12.4 billion for Cyber Monday.2 Anyone selling anything these days would be foolish not to also sell online.

Now, don’t get me wrong, the in-store experience will always be there. Trying things on, having a sales associate fetch a different size or help style you will always have its appeal. But as we go about this thing called life, I would have to say, getting a package in the mail excites me just as much or even more than going into stores. What do you prefer?

Sincerely,

“Fashionably-Late”

Malinda Frances Knowles

  1. Baluch, A. 2023, Feb. 8. 38 E-Commerce Statistics Of 2023. Forbes
  2. Masters, K. 2023, Nov 29. 6 Trends That Shaped 2023’s Black Friday- Cyber Monday Results. Forbes.

Why Loehmann’s is Going Out of Business

loehmanns1

So, as you may know Loehmann’s has officially bit the dust declaring bankruptcy for the third time last month. They listed assets of $100 million and debt of $500 million with no real prospective buyers. Loehmann’s was the last true off-price giant standing.

As a kid, I remember going into Loehmann’s with my mother and late grandmother who would show me tags with the dramatic discount marked with “original price” markers. There was an air of excitement when we went to Loehmann’s and we always seemed to come out with something special. Over the years, we stopped going into Loehmann’s and I remember the store becoming somewhat of a mess with home goods being sold and all kinds of things unrelated to its original womenswear premise. I stopped enjoying the store and that was the end of it.

Here’s a few things to remember about Loehmann’s:

1) Frieda Loehmann and her son Charles opened their first store on Bedford Avenue in Brooklyn

2) Frieda would always pay cash for purchases for the store and was reluctant to open up any more locations

3) The company filed for bankruptcy three times, each time pledging to appeal to a younger audience, revive their image and stand out against competition

4) Loehmann’s had a website but did not jump on the e-commerce bandwagon until late 2011

5) Online flash sale sites like Gilt Groupe and Rue La La upended their business model of selling off-price season old merchandise

The company indeed made many terrible mistakes but in a world of cheap, fast fashion where quality is being sacrificed for price, a store like Loehmann’s simply could not stay in business. The retailer will go down in history and hopefully, the fashion world will return to valuing quality merchandise sometime soon.

loehmanns

Sincerely,

“Fashionably-Late”

Malinda Knowles