New York City might be expensive, but last fall, its luxury handbags weren't. In the middle of a crashing economy, consumers who were desperate to cut expenses and save cash decided to forgo the indulgences for which they clamored just a year earlier. As Saks Fifth Avenue CEO and Hamilton College Charter Trustee Steve Sadove '73 tells it, Saks found itself with an excess supply of seasonal products that would be unfashionable within months, and it needed to unload them, fast. So while other retailers were pursuing a conservative strategy of 30 percent discounts, Saks slashed prices on many big-ticket items by 70 percent.
At this talk that NYC Program students attended on April 29, Sadove discussed what he sees as the improving outlook for Saks Fifth Avenue. He explained that he attends conferences with investment banks, and that while Sadove used to field questions about Saks's survival, he now talks about the company's day-to-day operations and strategy. Sadove also discussed with the students his experience at Hamilton College, his time at Harvard Business School, and his career in consumer goods. At the conclusion of the talk, the students were delighted to receive discount vouchers for Saks.
At this talk that NYC Program students attended on April 29, Sadove discussed what he sees as the improving outlook for Saks Fifth Avenue. He explained that he attends conferences with investment banks, and that while Sadove used to field questions about Saks's survival, he now talks about the company's day-to-day operations and strategy. Sadove also discussed with the students his experience at Hamilton College, his time at Harvard Business School, and his career in consumer goods. At the conclusion of the talk, the students were delighted to receive discount vouchers for Saks.
