J. Crew's CEO, Mickey Drexler, doubles down

J.Crew's CEO says that this is the worst retail environment he's seen in 40 years in the business. His strategy? Take J.Crew upscale and launch a new brand called Madewell.

Is now the time for a retailer to go upscale? The guru behind clothier J. Crew thinks that's the right strategy.

J. Crew is relatively small - its entire retail square footage would fit into the space of just 13 Sam's Clubs - but CEO Mickey Drexler, the man who made Gap (GPS, Fortune 500) into a pop-culture phenomenon and reinvented retailing icon J.Crew, is closely watched in his industry. He says that the current retail environment is the worst he's seen during his 40 years in the business, and he's making a risky bet on upscale clothes and an edgy new brand. (This is an excerpt from a story in the Sept. 1 issue of Fortune. Read the full story.)

Part of what makes Drexler influential is his ability to predict not only what will sell but also how shopping habits are changing. What does Drexler's trend-spotting instinct tell him now? He thinks the dominance of the big-name designer is played out. He's stacking his chips on quality goods at a fair price, repositioning J. Crew (JCG) as a luxury-for-less alternative. . . . more

Tysons Corner Center opens three new stores

Tysons Corner Center will soon become home to three new stores, two of which are firsts for the region:

Tous, a Spanish jewelry and handbag company, will take the space formerly occupied by Timberland, which closed in March.

"In Spain, it's s supposed to be the equivalent of Coach," said Allison Fischer, marketing manager for Tysons. An opening date has not been determined yet for Tous. . . . more