Wilkes Bashford Stores Files Chapter 11
November 10, 2009
(SAN FRANCISCO) – As a personal friend of Wilkes Bashford, I featured him in my new book, Branding the Man. “To be a successful men’s store you must have a vision of who you want to appeal to,” said Bashford, one afternoon in 2008 at his favorite lunchtime retreat, Le Centrale. “If you establish your vision and direct your efforts towards that, then you can build a meaningful customer relationship. The mistakes most people make is that they’re not consistent.”
Bashford was anything if not consistent. But in this economy, was that enough? I was quite moved by the recent news that he had filed for Chapter 11 (read about it here.) It is of course no secret that his business — like everyone’s — is suffering. I think there are several important points which need to be raised here about the current retail climate and Wilkes Bashford figures in all of them:
1) Discounters and outlets have grown in strength and in their ability to supply consumers with high quality designer goods. It’s now increasingly possible to find even the current season’s looks. In some cases, retailers are cannibalizing themselves by selling off excess inventory to outlets — often one that is just down the street. I wrote about this on my blog at www.brandingtheman.com/blog.
2) Luxury retailers have been consistently fighting a losing battle with their key customers. The top 5% of critical luxury shoppers buy early in the season (or even pre-season) and often not in places like San Francisco. A store like Wilkes Bashford becomes less relevant because those who buy those clothes are a dying minority. If the WB brand had one weakness it was that they were stubborn in how they grew their customer base.
3) The specialty store and luxury boutique has become an expensive warehouse. More and more customers phone in their orders and don’t feel the need to buy in a store. Case in point, Yves Saint Laurent is closing both its 41-year old Madison Avenue boutique AND San Francisco’s Maiden Lane store — the brand’s second attempt to settle in San Francisco. I wrote about this on my blog at www.brandingtheman.com/blog.
4) The recession has taught consumers that living with less is actually not that bad. Where a year ago it was painful to not be able to shop, now people have discovered that they really can do more with less and that their quality of life is more meaningful without so much stuff. The definition of “value” has changed.
This last point is the most critical. Retailers, rather than innovate are still digging in their heels and hoping that things will somehow change. They won’t. The consumer is in control, so if retail is to offer any real value, it needs to be in service — not just product.
Wilkes Bashford represents one very sad truth about the American consumer and American culture in particular: with the democratization of fashion and the evolution of retail channels, stores like Wilkes Bashford could simply become obsolete. Mr. Bashford was a vanguard of his time, ushering in some of the first designer goods on U.S. soil — Zegna, Armani, Montana — and he continues to have a sense of fashion that deeply understands the significance of innovation and style. At this time of writing, Bashford has committed to staying with the company after Ed Mitchell West LLC finalizes the purchase. I for one, look forward to his continued influence on the brand.





