Neiman Marcus, courtesy of Alfred Eisenstaedt

Neiman Sets 375 Layoffs Amid Slump (WSJ)
Neiman Marcus is laying off 375 people or 3% of its workforce.

Retail Sales Collapse, But Keep the News in Perspective (Seeking Alpha)
From August to December, retail sales collapsed 24%. “But it’s important to remember that there is a lot of psychology in these numbers,” reports Seeking Alpha.

Magazine Ads Evaporated in 2008, Faster as Months Went On (WSJ)
“Capping a painful year for print media, the decline in magazine advertising pages accelerated with each passing quarter of 2008.”

The Vulgar Game (Newsweek)
The luxury industry’s seeming turnaround from promoting conspicuous consumption to conscious consumption amid the recession seems insincere.

Back to his heartland: Giambattista Valli’s Italian odyssey (IHT)
Suzy Menkes profiles Giambattista Valli, the Italian, Paris-based designer who many consider to be the next Valentino.