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Tough talk on all things housing -- booms, busts, bargains and more -- from "Nightline" correspondent Vicki Mabrey
Vicki Mabrey is a correspondent for "Nightline" based in New York. She covers real estate as well as a range of national stories.
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On Fifth Avenue with Tim Gunn
November 25, 2008 5:01 PM
I know this is the Realty Check blog, but stay with me here. Bad subprime mortgages led to financial market meltdown which led to fashion retrenchment (no pun intended), and that leads to my shoot with Project Runway guru Tim Gunn on Fifth Avenue.
First of all, let me say I had to do a weekend of cramming: Six episodes of Tim Gunn's Guide to Style, followed by four of Project Runway Season One. (p.s. I am now hooked, and want to play hookey in my pajamas to watch more). But Tim Gunn is exactly as you see him on TV: charming, regal, impeccable, unflappable, feels like you've known him forever five minutes after you meet. He is, in short, one of the nicest men on the planet. If he's ever yelled at anyone or misbehaved in public, please don't tell me.
So what did I learn? That one of the most famous shoppers in the world is worried about the state of retail this season. As we strolled the Avenue, Tim pointed out the emptiness of the stores we were passing. And the lack of "Sale" signs in the windows. Once inside, there were discreet signs -- but nothing on the outside to lure you in. "I'm surprised they don't have signs in the window because how do you get the customer in?" Gunn asks, rhetorically. "It's very important to get them in and in my experience, not (just) on Fifth Avenue--which is a tourist destination and there are a lot of people here just to look around--but in my experience in other cities, it's gloomy. And you could have a party for 1000 people in a lot of those retail environments because there's no one there."
Ouch. A lot of places did look like empty ballrooms, with staff talking amongst themselves because there were precious few customers inside. It was a different story in Saks Fifth Avenue, though, where we were allowed in with our cameras to have a look around. Business there was, well, busy. Plenty of customers at least looking. "I hope they're buying," Tim said.
I asked him about his 10 items that should be in every woman's closet. We still need them, he says, and now may be the best time to buy. "I'm very budget-minded in general," he says. "You could buy the 10 essential items -- good quality -- you could probably purchase them for $1500." But this season? "You could probably purchase them for $750," Gunn says with a rueful laugh.
Look for classics, he says. And he expects designers will produce upcoming lines with an eye toward good value. "If they're astute, they'll be trend-aware and design with that lens or through that lens," he says. "But they will not be trendy because that gives their product a shorter shelf-life, and in this day and age, people want to feel that they're making an investment in something that will last them more than one season. Otherwise, if you're paying for disposable fashion it better be at a disposable price."
So how good are the bargains?? Well, that depends on your point of view. If you had your eye on a Ralph Lauren croc-embossed leather jacket, now's the time to buy because it's 40% off. However, for lots of people, even at a 40% discount, the price of that jacket is about the same as next month's mortgage.
November 25, 2008 | Permalink | User Comments (3)
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The haute couture designers don't design for real women; they design for toothpicks -- and the wives/mistresses of Wall St. CEOs, fast becoming a vanishing breed. I learned as a young woman that classic, good quality fabric and workmanship clothing is timeless and my wardrobe reflects that lesson. I've often made my own dresses and suits, preferring to put in my labor and care into crafting good fabric into classic clothing custom made for ME.
Ordinary shoppers aren't cruising the high-end stores of Fifth Ave., or Michigan Ave. or Rodeo Dr. looking for drop-dead bargains; they're more likely to shop consignment shop and those selling "gently used" clothing, because loose dollars are no longer flying around.
Posted by: nanameow | Nov 25, 2008 5:23:34 PM
Vintage is still the best bet in my book, and eBay, as ever, is the way to go!
But for those who don't like vintage clothing, there are sales aplenty now. I can't keep track of the 40%, 50%, even 60% coupons appearing in my mailbox (digital and physical) every day. If you can afford it (and some of us little people have no debt and don't live beyond our means), it's a great time to buy. Bargains everywhere.
That said, Tim Gunn sounds like a blast!
Posted by: Lisa Simeone | Nov 25, 2008 7:59:37 PM
$750.00 for 10 essential items. For 38 million Americans that is two weeks pay.
Nice to be you.
Posted by: Nailer | Dec 5, 2008 12:49:26 AM
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