Sid Shapiro, Syd Jerome

It was less the economy affecting 2009 business than it was extensive price promotions in the big stores. In September and early October when we were on equal footing price-wise, my business was terrific. But when they start cutting price in-season, it gets tougher (even though we offer services the big stores don't, including lifetime free alterations). Sadly, if the industry can't prevent major stores from breaking price early, there's not much future for independent stores. But I will not play their price games: our sales start the week after July 4th and then the second week of January.

That said, our business still finished okay, down only 4 percent. And clothing at every level was strong. In fact, my strategy going forward is to price up, not down. I'd rather sell a $3,000 suit than several $600 suits. We've always stood for quality; that's who we are. And we'll always carry inventory (don't ask how many suits we stock): I don't want anyone to ever walk out without finding what they want. Plus, clothing drives everything else in the store: the sportswear customer is fickle; loyalty comes from tailored clothing.

But what I'm seeing now is vendors a bit afraid to step out. I think the market looks too conservative, too tonal, too basic. It needs a shot of freshness, which is different than fluff. (In good times, I'd always buy a few hundred thousand dollars worth of fluff, but no more...)

What I've learned from my 65 years in retail: every season brings new problems and new opportunities so one never stops learning. I certainly don't have the answers, but I welcome the challenge of figuring it out. I'm lucky to have my son Scott with me in the business: I often feel like I'm in his shadow, he's that good! But I have no plans to retire (unless perhaps when I can sell every item at regular price).

The other thing I've learned is to trust your customers. I see a resurgence of young guys buying suits these days, and I've always extended credit when a guy really wants something he can't quite afford. I say pay me when you get the money. And in 65 years, I've never been stiffed.