They are coming up against a number of uncomfortable facts,
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They had come close to the edge of chaos and looked over, and they didn't like what they saw, ... Now they were saying that China needs time to heal its wounds, that we'll have gradual change instead.Richard Baum
The worst thing is to carry inventory over. Unless it's wine, it doesn't get better with age. It's basically better to sell it for 10 cents on a dollar than keep it.
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Gap is experiencing weakness across all its brands, with its merchandise problems exacerbated by its aggressive square footage growth,
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We think there's very few of them that can be long-term buys because of the fashion aspect of it, ... In Gap's case, what's happened here is that they've acknowledged that they have missed fashion but, in terms of their inventory management, they'll be delivering more frequently to the stores with less inventory commitment to each delivery. That should minimize their markdowns and improve their gross margins.
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They shared the grievance that the government wasn't paying attention to ordinary people, that it was time to respond to the negative byproducts of economic reform. They considered the government to be arrogant, haughty and unresponsive.
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