Tiffany's Plans Set in Stone

Tiffany's insists it won't let the weakened economy or the terrorist attacks in New York slow down its marketing plans. “We really intend to maintain our course,” ceo Michael Kowalski told The New York Times. “We will continue to open stores. Our new-product introduction plans will continue as formulated. Our advertising plans are unchanged. And certainly, we are not going to have a sale.”

The luxury jewelry retailer saw U.S. sales fall 19 percent in the third quarter, 10 percent worldwide. About 12 percent of its total sales come from its Fifth Avenue flagship store in New York, a city whose retailers – especially fashion retailers – have been hurt by the changing emotional climate there since the terrorist attacks of September 11. A Times reporter told of seeing sales associates outnumbering customers at such glamorous outposts as Coach, Dior, Chanel, Barneys, Gucci and Prada.