L.A. Fashion Fixture Tracey Ross Closes, Citing Economy

Tracey Ross, which has held a prominent place in the L.A. retail scene for the past 18 years, has just announced it will close on New Year's Eve in a terse statement to WWD: "Of course it's the economy."

Known for its high-end collection of designers like Peter Som, Stella McCartney and Thakoon, the shop catered to celebs including Kate Hudson and many of LA's well-known tastemakers.

Owner Tracey Ross lamented that it has become "impossible to compete" when mega-retailers like Saks Fifth Avenue are marking down merchandise to 80% off retail.