Pity the Yacht Builders: If you only read one story... - NBC New York

Pity the Yacht Builders: If you only read one story...

    processing...

    NEWSLETTERS

    If you only read one story today on how the stock market drop is affecting people, please let it be this one. While the biggest spenders are feeling the clinch, the sectors that cater to them, like specialty luxury retail, are in crisis mode. "Jewelry designer Tina Tang said August sales were down 50% year over year and foot traffic was off 75% at her Gold Label by Tina Tang store in Greenwich Village, where she caters to professional women with items that go for as much as $16,000 .... To clear merchandise and generate cash flow, Ms. Tang is holding her first ever storewide sale, slashing prices on all items by 25%." Read on for the juicier, damning society bits. [WSJ]