Deals to Keep Your Toes Fantastic

Deal of the Day

Sierra Trading Post: Extra 10% off shoes with coupon code ALC1079. Expires March 4, 2009.

80% Off  is Here to Stay

If you were worried that 70% - 80% markdowns are a flash in the pan, worry not. The Wall Street Journal reports that high markdowns on luxury items are here to stay. At least for the time being. Big stores like Saks and Neiman Marcus are prepared to sell $1,000 items for $200, but the brands they sell aren’t happy about this move. The steep discounts have prompted some labels to withhold a few key pieces from the big stores in hopes of maintaining their air of exclusivity.

The WSJ goes on to suggest that once people have experience Prada shoes at Enzo Angiolini prices, they may never return to paying full price. But who, aside from the massively wealthy, ever paid full price? The WSJ seems to ignore the rise of internet sensations like Gilt, ShopBop, BlueFly, and Net-a-Porter (when there’s a sale). These sites offers high end items at prices that, while not super affordable, are doable with a few weeks of cutting back on cocktails.

Of course, the consequence to 80% price reductions is the decline in the desire for lower end knockoffs. What good is scoring a final markdown Jimmy Choo shoe if Jimmy Choo is already priced low enough?

So, should shoe lovers worry? I’d say sort of. As prices decrease, exclusivity declines, and the aspirational desire for brand-name luxuries tapers off. And if that happens, making innovative, creative, and artistic shoes becomes less of a way to make a living. Though on the other hand, the decline in price might return us to a truly couture shoe culture, where high-end footwear is art and not a mass-market opportunity to sell perfume.

Meanwhile, enjoy your 80% - off shoes.