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Article: Madison Ave., Rodeo Drive: uneasy streets. (New York, Beverly Hills shops)
- Article from:
- WWD
- Article date:
- November 23, 1987
- Author:
CopyrightCOPYRIGHT 1987 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MADISON AVE., RODEO DRIVE: UNEASY STREETS
Business along New York's Madison Avenue and Beverly Hills' Rodeo Drive, the two most exclusive shopping enclaves in the country, turned sour after the stock market crash, and now the mood among high-priced designer stores is one of uncertainty.
"In my opinion, the recession has started,' said Fred Hayman, owner of the Beverly Hills-based Giorgio, one of the more pessimistic retailers surveyed. "You have to be very good to get the maximum out of the customer right now, otherwise they just walk out of the store.
"The prices of the garments are so high that it takes better service. We have always had ...