Clouds over Frankfurt?

The luxury shopping street of Frankfurt – “Geothestrasse” – is close by to bank towers which, accompanied with dark clouds, set up the coulisse when German media is talking about the recent economic downturn. Are there any dark clouds over the “Geothestrasse”, too? Talking with the sales staff reveals that the impact is not the same for all – it differs from store to store.

The first store I enter isn’t really busy. Well, it just opened and the staff is giving the inventory the perfect look. The atmosphere is relaxed and they expect the day not to be hectic. “…at all, we are less busy” one says after being asked if they see any changes since the crisis. It’s the occasional customers that visit the store less frequently.

Regular customers remain the pillar. “Our loyal customers enjoy our unique designs and the extraordinary service” says a salesperson in another store. “Each time they visit us, they find something they can’t resist.” They see shopping and getting pampered at their favorite designer as a part of their recreation time they definitely don’t want to miss.

As I continue my walk, one store catches my eye: a designer outlet. In these times “smart shopping” concepts are highly frequented. And indeed: “We cannot complain, there is a lot of traffic here.” And there is more that is contrary to single-designer stores. Almost all customers are occasional customers: “No, I wouldn’t say we have lots of regular customers. They are for sure customers we see more often, but regular customers?... Rather no.”

So, reaching the end of the “Goethestrasse” and waiting for the traffic light to become green, I notice a woman with a Wolford-Bag checking some bills. Do the High Net Worth Individuals really have to take care of their bills?
The impact of the economic downturn seems to be prominent enough to lead occasional customers into a “designer outlet”, but loyal customers don’t change their habits. They stick to their favorite brands and don’t let any dark clouds over the Skyline of Frankfurt affect them.

Give them a unique experience and service, and make them loyal!