Retail Refugees

Weathering the Storm: Savile Row
October 21, 2008, 9:19 am
Filed under: Fashion, Stores | Tags: , , , , ,

It is clear that the super rich are being only minimally impacted by the economic slowdown and this can be scene in the world capitals like London where spending continues only slightly affected. In this top echelon of businesses still making a significant profit are the shops located on Savile Row- London’s famed street where handmade and bespoke suits are sold at exorbitant prices.

According to Anda Rowland of Anderson & Sheppard, the stability does not come necessarily from the traditional moneyed consumers however. Rowland describes a changing shift in the mentality of customers, “We are still getting new customers and many enquiries, but it has to be said that London is not really in the mood to spend and people are travelling to London less. Luckily, despite the turn away from “bling” spending there has been a renewed interest in goods that have an underlying value, which is perceived as more solid and easier to understand and explain to the customer. There is a shift from the “because I´m worth it” attitude towards one questioning “was it worth it?”

Rowland also states that this “will be hard for the mass-luxury goods and the over hyped but extremely lucrative “it bag” industry, but good for individual, high craft items made by skilled hands, “such as Savile Row suits or hand-crafted denim from Burg & Schild. “We also have ethical trends in our favor as everyone faces up to the enormous piles of barley worn “fast fashion” garments in landfill sites all over Europe at a time when many are losing the roofs over their heads.”