Saks Fifth Avenue: Trendy or Timeless?
Question of the day: In today’s economic downfall, how are high-end department stores such as Saks and Neiman Marcus attracting their customers? Do wealthy people simply have that much money to continue shopping there, or is it their effective marketing strategy that is allowing their name to stay on top of the consumer’s minds?

I am currently studying marketing communications at my graduate program and my final project has got me thinking the difference between a well-known department store such as Saks to their competitors such as Neiman Marcus and Nordstrom. See, Saks isn’t doing too well with their sales and keeping their identity of sophistication, and are gradually being swallowed up by new stores. During the time of the economy downfall, it seems like even rich people are turning their heads towards a more economical way of shopping. Saks was established in New York in 1924 and they’ve created a reputation of selling luxury items and products, or in other words, timeless fashion. But is that not what people are looking for anymore?
For many, Saks is not only a luxurious department store where you can go pamper yourself and drop thousands of valuable dollars on a designer coat, but much rather an experience where you connect with your beauty. People generally want to feel like they are part of high-end fashion and want to spend a day being involved with luxurious items. The smart thing that Saks (as well as other luxurious brands like Tiffany’s and Burberry) does is that they offer smaller and less expensive items that still allows customers to take home the shopping experience. For example, buying a keychain at Tiffany’s, that is still affordable to many, still comes with the little blue box that represents the brand. Knowing that you went into the store and bought something makes you feel like you belong there. “Out of place? What are you talking about? I have the little blue box to prove it!” I came across an interesting article about the gourmet chocolate brand, Godiva and what their approach is to keeping timeless taste: http://www.nytimes.com/2009/11/16/business/media/16adnewsletter1.html?_r=1&8ad&emc=seiaa1
In addition to stocking items for those with fat wallets, Saks is greatly known to be a department store that holds fond memories of going there with your mother/grandmother on a spree shopping day. As time goes on and you gradually have less things in common with your parents, Saks continues to be a base where we are able to close these generation gaps and relive our childhood or other tucked away memories. Sure, many can’t afford to buy much (me included) but the simple presence of being at Saks brings you the luxury experience.
Trendy or timeless? You decide.
Love always,
Mia

















