Some of us make mistakes and some of us take Payday Loans

Saks Fifth Avenue and high end retail

Luxury Italian Suits

Saks Fifth Avenue is looking a little red-faced and it’s not over a Payday Loan. They decided to buy up the entire production of an Italian manufacturer which they planned to sell at top prices. That was in the good old days before the recession.

Looking like a million bucks

Saks Fifth Avenue department stores have been wooing one of the world’s most exclusive menswear lines for years. The manufacturer is Kiton from Italy, who make a hand-sewn man’s suit that looks like a million bucks no matter whose shoulders it’s hanging on.

Welcome to the Kiton Boutique!

The Saks’s dream was to open a sumptuous Kiton boutique in New York and they made it happen. The problem was that on opening day instead of being able to welcome a horde of eager buyers they opened the doors to find the worst U.S. recession in 70 years lurking on their doorstep.

Time for a new wardrobe?

Guys, this is the time to take advantage. Go down there and see what you can pick up. I myself cannot make it; I have a previous commitment to make some money.  Off-the-rack suits are running at about $7,000 or if you are an odd size or pear-shaped and need a made-to-measure suit, around $21,000.

Don’t forget the sunglasses!

Yeah, it’s a lot. But they have Kiton sunglasses for $1,395 and jeans running at $795. It’s almost worth buying two pairs! Actually, if you play your cards right, you could pick up the second pair using your Payday Loan. That will save laying out cold hard cash.

The showroom

The showroom is a 2,000 square-foot boutique devoted to the Italian luxury label. The floor is of marble from Carrara in Italy, the same white marble that Michelangelo used for his sculptures. The opening cocktail party is set for February 26th and all the Saks top customers will be there.

Then there are the mark-downs

The decision to import this merchandise was made when times were good, but Saks is still embarrassed about introducing such costly garments in such rough times, especially when it is marking some high-grade merchandise down by 70 percent.

For the man who insists on presenting himself unaffected by what’s going on around him, Saks can now provide the perfect answer. At its particular spot as an American icon, a luxury retailer like Saks must walk the thin line between lowering its image and maintaining its status as a purveyor of elite brands.

What of us?

Many Americans are walking around in last year’s suits and dresses. Every major store is experiencing sales declines. Saks too has been hit. Their sales fell 23.7 percent last month and they eliminated 1400 jobs.

There certainly is no shame in not shopping for new clothes this year. Part of the downturn we are facing now is certainly due to our spending and excess spending. Remember the new clothes, new jeans, new shoes and a new car we bought when we really didn’t need them but bought them because we liked the color, because the neighbors bought one or simply because they were there?

Doing without

I will apply for a Payday Loan but I will definitely pass on a new pair of Saks Kiton jeans although they would probably improve my image one thousand percent. I will spend the loan money on the top item of my emergency list and get some food into the refrigerator.