I’m paranoid about shopping. I get irritable. I find it tedious and taxing. People say shopping is retail therapy, but I need therapy after shopping. —Anushka Sharma

You know that mall store where you once bought at least half if not all your wardrobe? Hope you’re not emotionally attached because they’re failing
I was in a mall last week for the first time in a few months. The day before, venerable mall chain Abercrombie & Fitch had announced they would be closing 150 stores and they started Chapter 11 bankruptcy proceedings. I watched from a small distance as they opened that morning, a noticeable weariness in the person’s posture. There was no better-than-thou attitude and only a weary smile as I passed.
Fashion retail as we have known it in the past may well be in need of hospice care. While it’s not dead yet, the condition of fashion retail shows every sign of having a terminal disease and its recovery, at least in the form with which we have become accustomed. We are already familiar with the problems big department stores such as Macy’s and Sears have had. Now, fashion specific retailers who have been struggling the past five years are beginning to look as though they may be on their last legs. Retail has fallen from grace and we don’t seem to be inclined to restore it, or even let it survive in its current incarnation.
Most recently, GAP is starting to feel irrelevant after they announced earlier this week that April same-store sales fell another seven percent from same time last year. GAP is rapidly running out of options. No one is walking through their doors. I know, I watched, seated in one of the malls comfy chairs. For 30 minutes I sat there. Dozens of people walked past, but none of those even slowed enough to look through the windows. Finch Ratings lowered GAP’s default rating to junk status yesterday, further deflating any energy left in the stock. If they are not in full-scale liquidation by the holidays I will be quite surprised.
So much has changed from when a young Jewish immigrant named Adam Gimble opened his first dry goods store in Vincennes, Indiana back in the 1850s. As he moved from Vincennes to Danville, Illinois and then Milwaukee, Wisconsin, the joke at the time was that profits from one store alone wasn’t enough to feed Gimble’s seven sons. Gimble was a pioneer in the concept of chain retailing, among other things, and the concept around which he built his stores is still dominant in retailing even now.
But retail has never been easy. Movies and popular fiction made the competition between the Herald Square Gimbles and the Macy’s store across the street quite famous, but by the time Miracle on 34tj Street made a big deal about the two stores and their holiday promotions, all three of Macy’s founding partners had been dead over 40 years and the costs of expansion were burdening the company. Both stores went through various iterations in an attempt to survive, but Gimbles closed for good in 1985, and Macy’s sold to Federated Department Stores in 1994. While Federated has kept the Macy’s brand and merged others into that framework, it has still struggled continuously.
Fashion retail is not an easy business, and now that malls themselves have fallen out of favor as a family social destination, the malls are either closing or having to invest millions of dollars in an attempt to get more people through the doors. Tom McGee, president and chief executive officer of the International Council of Shopping Centers, told Associated Press:
“Shopping centers and the physical retail experience is becoming much more experiential. People want to have experiences when they go out. They want to experience restaurants. They want movie theaters. They want that kind of all-in aspect. They want the aesthetics and the look to be something that is engaging and appealing to them.”
Even if malls can make the aesthetics and periphery of a shopping experience more appealing, though, that doesn’t mean that people will actually buy clothing from the same retailers they did 5-10 years ago. In addition to a continuing growth in online shopping, which may grow dramatically if more fashion labels adopt a see now, buy now approach to their runway shows, re-sale stores are taking off, both brick-and-mortar, as well as online, and they’re coming with deep pockets and strong marketing strategies. Contemporary wardrobe styles care little whether the Armani jacket is from this year’s collection or five years ago. To the extent that luxury goods are presumably made better and last longer, they can be sold and re-sold numerous times. Each time a garment is re-sold, that’s cash out of the hands of traditional fashion retailers.
In one sense, it’s rather exciting to know that we’re witnessing a dramatic transformation in the fashion retail business, one that almost certainly is going to benefit consumers more in the long run. At the same time, though, it’s somewhat disheartening to know that some of our favorite brands and retailers may not survive the transition. Progress always works this way, you know. Not everyone survives, and in this case being big might actually be a handicap.
If you’re one of those people who really like A&F or GAP clothing, you might want to stock up now, though. Limited store closings are definitely coming and both brands are on life-support. Last rites will come in the form of deep discounting this fall. Oh, how the mighty and impenetrable have fallen. Keep watching.
When Good Judgement Matters
Property may be destroyed and money may lose its purchasing power; but, character, health, knowledge and good judgement will always be in demand under all conditions. —Roger Babson
We don’t always exercise good judgement, and for many that’s okay, but for a few such errors are unforgivable
We all make errors in judgement; most are not terribly big and their impact does not extend beyond ourselves. No big deal, right? We learn our lesson and, more often than not, avoid making the same mistake again.
Other times, though, those errors in judgement are more critical. For a photographer, they most often come down to whether or not we take a specific shot. We don’t always have time to mull over the consequences or poll all the parties involved. You see something happening, something you know is significant, and you have to make a decision. Now. Without consultation. It is in those moments that character and good judgement matter.
While we can excuse ourselves, and each other, of momentary lapses in judgement, we expect more from our world’s leaders. In fact, good judgement and character are two of the most fundamental characteristics we typically demand of anyone holding public office. Being a leader inherently involves making decisions under pressure, using careful diplomacy and selecting just the right vocabulary without implying undue aggression. Without some manner of care and good judgement, we could easily find ourselves in conflicts we could easily lose.
Consider the kerfluffle currently surrounding the British monarch, Queen Elizabeth II. Normally a very careful person, she is typically aware that any statement she makes publicly is likely to be dissected differently by everyone listening. Apparently, though, her personal opinions don’t always match her official statements. At least, that seems to be the case as she was recorded being critical of Chinese diplomats during their visit to Great Britain last year. The circumstances, a garden party at Buckingham Palace, in a light rain, were such that the queen quite likely was not aware that she was being recorded. When she agrees with a senior police officer that the behaviour of the Chinese toward British ambassador Barbara Woodward was rude, the whole world took notice. As small and unassuming a statement as it was, made in what was assumed to be a private conversation, the result could have long-term detrimental effect on UK-Chinese relations.
That’s not the only matter of judgement that has blown up in the face of our British friends of late. Just prior to an international summit in London on political corruption in government, Prime Minister David Cameron was heard telling Queen Elizabeth that two countries attending the summit, Nigeria and Afghanistan, are “possibly the two most corrupt countries in the world.” Never mind that the Prime Minister’s statement was correct. In Transparency International’s 2015 corruption perception index, Afghanistan lists near the bottom at 167, ahead of only Somalia and North Korea, Nigeria was at 136. Yet, 10 Downing Street has spent the time since attempting to walk back the statement and one can imagine that introductions at the summit this morning were likely quite tense.
Every decision we make reflects upon who we are as a person and our judgement reveals the truth of our character. Can we be trusted to tell the truth when it matters? Will we make the correct decision in a critical situation? Those matters of judgement are important when what one does has the potential to affect millions of people. One needn’t even be an elected official for those moments of critical thinking have to be precise and correct.
For example, counterfeiting of luxury fashion brands is a global problem costing billions of dollars. Battling the problem has proven challenging as the ability to crack down on pirates in Asian countries, especially China, has been difficult. So, when Washington, D. C.-based International Anti-Counterfeiting Coalition admitted Chinese Internet super company Alibaba to the group last month, more than a few companies were upset. Both Gucci and Michael Kors have left the coalition, and others may follow. Why? Many of those same companies are suing Alibaba in federal court for “knowingly encouraging and profiting from the sale of counterfeit goods on its e-commerce platforms,” according to the Associated Press. Admitting Alibaba was a judgement call by the IACC that may ultimately affect the price of luxury goods around the world if that decision proves to impede a solution to counterfeiting.
Then, there’s the case of Fox News White House correspondent Ed Henry. Apparently Mr. Henry uses Twitter’s direct messaging feature to chat back and forth with his followers. One of those followers happened to be a stripper in Las Vegas. After several exchanges, she invited Mr. Henry to visit her at the club where she works. He did. So far, no harm, no foul, assuming Mr. Henry was being honest with his wife. A lot of married guys go to strip clubs. But then, the two took the relationship further into a full-blown affair that lasted over a year. Then, both InTouch and the National Enquirer got a hold of the story. Still, in the grand scheme of things, it’s a private matter for Mr. Henry to address with his family, no?
Apparently not. Ed’s boss, Fox News chief Roger Ailes told the Washington Post, “This raises serious questions about Ed’s lack of judgement, especially given his position as a journalist.” As much as I often dislike Mr. Ailes, he understands the true gravity of the situation. In his position as a White House correspondent, Mr. Henry has to make quite and critical decisions as to which stories are important and which are not. He influences the information and perspective of news delivered to millions of people. If his judgement is lacking anywhere then one has to question whether he is making similar mistakes on the job.
As I said at the beginning, for the millions of us who are not public servants, who are not responsible for dispensing critical information, whose actions are not likely to affect global markets, our errors in judgement affect very few people and very few people have any reason to care. When those errors are committed by someone who holds an element of public trust, however, no matter what it may be, those judgement calls become extremely important.
We are looking at one of the nastiest presidential elections ever this year. When we consider the judgement of the two leading participants in that race, we have every reason to be worried. One has been married three times, and on at least one of those occasions was nothing short of cruel in dispatching his wife. Another has played light and loose with classified information and implemented policies and procedures that, at the very least, challenged foreign relations and, possibly, might have contributed to the endangerment of American lives abroad.
Good judgement matters. Even the head of Fox News knows good judgement matters. Do we really want to elect a president whose judgements have repeatedly been grossly and dangerously flawed? Don’t we deserve better?
You know we do.
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