Department stores in trouble: Future of retail depends on creation of distinct brand image

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Department stores in trouble: Future of retail depends on creation of distinct brand image
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SINGAPORE - Perhaps the most notable shopping event I've seen in town this year was the weekend queue at Metro's Centrepoint flagship. The line stretched outside of the mall, down the steps of its main entrance, snaking around side. Shoppers were in line, of course, for the department store's moving out sale - discounts up to 90 per cent - on the occasion of its announced closing.. Read more at straitstimes.com.

SINGAPORE - Perhaps the most notable shopping event I've seen in town this year was the weekend queue at Metro's Centrepoint flagship. The line stretched outside of the mall, down the steps of its main entrance, snaking around side. Shoppers were in line, of course, for the department store's moving out sale - discounts up to 90 per cent - on the occasion of its announced closing.

Retail - for department stores especially - is not in a good place at the moment. Just in August, Barneys New York announced it was filing for bankruptcy. Barneys, a company in business since 1923 and which has a brand name famous the world over, was a Madison Avenue symbol of upscale style. It used to be one of the institutions of high-gloss, luxury retail - with the designer names and price tags to match.

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