I've only been into a DJ store once, some 10 years ago....

I've only been into a DJ store once, some 10 years ago. Beautiful presentation but the prices made my eyes water. Shirts at $180, ties at $60, trousers $200 etc. God knows what the shoes cost. I never went back coz i'm not prepared to spend that amount on myself. But clearly plenty people are. I noticed the main clientele were women aged 30-60. Well dressed, posh haircuts, plenty jewellery etc. Australia has hundreds of thousands of rich people. Many are snobbish and like to shop at posh stores despite the high prices. I don't see this changing. Even in a recession govt workers remain in abundance and many are very well paid(hence the recession).
My intuition is:
1) DJS management made mistakes eg. over-estimating strength of economy. This is showing-up in recent figures but remedies will be forthcoming.
2) The rich will never change their habits.
3) Snobbery will (sadly) always be with us.
4) DJS today announced 60 new exclusive brands.
5) Retail staff are not well paid and have lousy hours. But that suits DJS.
6) Majority of items sold are imported. At $1.10 (and perhaps even higher) the AUD is a huge aid to DJS.
7) Recent 105 drop in earnings is not catastrophic. The excessive/flamboyuant language used by CEO makes me think he will use this figure to enforce even moreeffeciency at DJS.

So my take is this: Sales/earnings in FY12 are unlikely to recover rapidly. But SP has fallen far further than commenserate drop in earnings. The list above indicates DJS will find a bottom, stay flat and then steadily recover. Even if/when the Oz economy experiences a sharp increase in unemployment, there are enough well-healed folk to keep DJS turning-over. Firm has stores in strategic location along with that crucial intangible.... 'Brand'!! Afterall,there is NO other store like David Jones.

Hence, i bought my 1st retail stk outside of WOW. Paid $3.02.