TEXT OF STORY
Renita Jablonski: Porfolio magazine shut down last week. The high-end business publication is the latest to end up on the Conde Nast chopping block. And yet in this climate of cuts, a new glossy is counting on those that will still spend. Sally Herships has more.
Sally Herships: If you’re worth $10 million or more, you could be on the receiving end of the latest luxury glossy. Prestige magazine arrived this month in New York City.
Christine Schott is the magazine’s fashion director. She says the average household may be cutting back, but the ultra rich are still spending.
Christine Schott: The advertisers, you know, are still looking for consumers who have money, and Prestige New York has the consumers that they’re looking for.
If it’s true rich people are always out for the best deals, they’ll like Prestige. It’s free.
Victor Navasky is a journalism professor at Columbia University. He says being free could be Prestige’s biggest problem.
Victor Navasky: And as a general proposition, I think advertisers trust circulations more when people have paid good money for them.
Navasky isn’t entirely pessimistic. The magazine’s well established in Asia, and he says the poor economy has killed off much of its competition.
In New York, I’m Sally Herships for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.