Fashion

[TY]

https://www.retaildive.com/news/barneys-reportedly-mulls-bankruptcy-as-rent-woes-take-toll/558749/

Barneys, a high end retailer may file for bankruptcy. It looks like they can't afford soaring rents in Manhattan. 

I don't care, I've never been inside this store and I think I've passed by the store in Las Vegas but I'm not sure since I find that the mall stores attached to the Venetian casino a maze and hard to find your way in and out of there.

[Meowingkitty]

I set foot inside one several years ago when they were in Scottsdale. They went out of business several years ago. I felt so out of place. I was in shorts and a tee shirt (nothing unusual in Arizona) and was looked down by the sales staff. I guess I wasn’t dressed appropriately for shopping in their store. Not made to feel welcome. The couple of things I did look at were very expensive. I can see why they are having issues. 

[SahmIam]

My favorite department store. I sincerely hope not because they offer lines that no one else does. Geez.I

Edited to add: I read the article after I posted. If they closed the Madison Avenue store, that would be a huge help. There are other Barneys in New York City; never understood why they opened this with others near by. Often wonder what landlords expect will happen if they raise the rent so high that even high end retail stores leave; do they expect mom and pop shops to come with that rent price? Greed vs stupidity? Who knows.

[Snoopygrl]

It seems like all stores now have poor customer service. I have been in stores of all kinds and not one person has asked if they could help.  You almost have "hunt" down salespeople and when they do help it's with a bad attitude.  No wonder so many brick and mortor stores are going out of business.  At least with on-line people don't have to put up with rude behavior.  

[depglass]

And people wonder why Amazon has been such a success.  

[SahmIam]

Have to say, I've only had excellent service when shopping at Barneys be online, over the phone or in store.

That said, I found an article that explains a bit better WHY the rent is an issue:

Apparently the landlord wants to convert the building into extreme luxury condos. This has been happening in the area and one block away the landowner made 100's of Millions in doing so in a very short time. By pushing the rent to a point that no retailer can afford it (this has been happening in that area repeatedly and it named many companies that have been forced out), the landlord can now produce the big money maker: condos.

It hasn't been shown that the Barneys is doing poorly anywhere else according to Forbes. The rent on the Madison Avenue Store is the issue, it appears.

[TY]

@SahmIam 

I also think that's why other department store retailers that own real estate like HBC and Macys are getting pushed by their shareholders to sell off their valuable real estate holdings as that is likely worth a lot more than their existing retail business given those retailers' current stock prices.

The Barneys in Las Vegas at the Grand Canal shoppes just doesn't stand out in my mind at all and I think it's because it's close enough to the Fashion Show Mall, that I don't make it a point to browse in those stores attached to the Venitian casino.

[songbird]

Yes, they're high end, but they've been in trouble for a long time.  New owners.  Haven't stayed with the times.  Shame because I was a pretty nice store.  I only went to the NY store.  I purchased a few things on their website.

[Katcat1]

@Meowingkitty  Funny you mention how sales staff looked down on you.  That's a joke -- what is their salary like? lol   Years ago I walked in a store in a posh suburb and I had the same reaction but when I returned I wore a Calvin Klein wool coat with fox and they welcomed me with open arms.  It made me sick.  This was back in 1968 with fur was okay to wear.

[SahmIam]

@TY  I have been told by many that Las Vegas rivals any high end shopping district in the world; it is one place I have not been to. Lucky you to have so many options in driving distance. Me? I have to go to Northern VA for such shopping and even then, it means visiting multiple malls or driving through sketchy areas to get to a free-standing store. Thank God for phone orders and yes, online shopping.

My favorite Barneys is Beverly Hills though the one in San Francisco holds a special place in my heart. I work mainly with Barneys Madison due to location on the East Coast.