I should go back through my blog posts over the years and see when I first began to think the department store era was near its end. There are so many things to say about Saks’ going bankrupt. Saks also owns Neiman Marcus, and purchased Barneys for a ridiculous amount of money to make Barneys label products, which haven’t seemed to pan out except for private equity holders in Japan.

So, why did they never innovate? Where did all the good merchants go? Why did they take on this massive amount of debt? Why did someone even give them this cash? Was it just a write-off against gains? Will all the vendors just get screwed? Will the banks swarm in and sell all the real estate? What will all those empty buildings become? How will they affect Main Street and communities? Does it even matter?

Two stories come to mind. One thing Fred learned in business school. A company began importing champagne from France and decided to crush the market by selling its bottles for $19.99. What happened is the opposite. Nobody bought the bottles; they just sat there because customers perceived this champagne as bad. After all, champagne is known as a “luxury” product. The company regrouped, pulled the bottles, and repriced them at $99, and the product flew off the shelf.

What that says is know your customer, because consumer behavior is challenging to change. Just as Macy’s decided in the late 80’s to shift to higher-end products, but the majority of people walking into their stores were not, just as Target leaned into anti-DEI. They lost their base.

The other tale was at Gilt Group, which shockingly still exists today. Gilt Group started as a place to buy top brands at discounted prices from vendors with surplus inventory. The catch was that when those products dropped at noon, you had to be at your computer to jump in and buy them before they sold out.

There are so many things I never understood about this model, as someone who started their career in retail and then moved to wholesale. Eventually, the vendors improved their inventory management, so instead they began making best-selling products with lower-quality fabrics to match last year’s numbers. Customers are not that dumb.

Remember, tech entrepreneurs started the Gilt Group, as during that time, everyone was attempting to disrupt everything. Fast forward, and the powers that be noticed that many customers were lurkers. Customers would log in to the sale at noon but never purchase. Perhaps, management thought, they wanted those items but couldn’t afford them, so we should build a secondary site for them at lower price points.

If they surveyed their customers or reached out to merchants who have been in business for years, they would have better understood the business. What they did do was build an entirely new website with this concept, throwing a lot of capital at it. Think about how Donna Karan built DKNY, the less expensive line, but that worked. After months and months, the new, less expensive site finally launched, and instead of an onslaught of business, all they got was crickets. Why? Those lurkers wanted the high-end products and were willing to swoop in only occasionally, not every day. No shit.

There are more stories to tell when it comes to companies being purchased by private equity companies, which are financially focused, not product-focused, where they have killed great companies or just sold them off at a massively discounted price to another private equity group.

Back to the demise of Saks. There is so much we do not know, but I gather that those losses work out financially for everyone involved, except, of course, for all the employees in the stores. Retail is a tricky business, and for some reason, merchants in Europe and Asia have figured it out. Nordstrums has figured it out. It isn’t e-commerce that killed them all. Those stores are listening to their customers, innovating when needed, and surviving in a new environment, because in retail, you must innovate all the time or you end up like Saks. That doesn’t mean the same four-way with constant discounts. Let’s at least hope that all the buildings left empty are sold to each state government to become public housing. That is definitely something we need, because it appears that customers no longer want that many uninteresting department stores.

Gotham had quite the year, though, like all cannabis businesses in NYS, we are still struggling to see a healthy future. It is frustrating, exhilarating, educational, thought-provoking, and annoying all at once.

Gotham now has four stores: Chelsea (10th and 19th), Bowery (3 E 3rd), Hudson (Warren Street), and Williamsburg (Domino Sugar Factory). We have tweaked our model, adding kiosks (the new beautiful ones will be installed in January), and that includes a tighter team. We can’t thrive unless we think about how we survive.

Our biggest win has been creating a place where our customers have become part of our community, and keep coming back time and time again. That feels insanely good because it means Gotham is providing a store experience with the right products, a warm environment, top-notch customer service, and cannaseurs (our wonderful sales experts) who have become part of people’s lives. We have had customers come in with cookies, cards, and, of course, their dogs to say Happy New Year and thank us for the year. That is epic.

On a marketing note, we blended art, fashion, and culture under one roof. Models hit the runways smoking joints from Gotham; we had a float at NYC’s Gay Pride Parade; we hosted a fun and fashionable 4/20 disco party; we had a group show featuring over 40 artists who made one-of-a-kind ashtrays; and we put on countless events, such as Slam Poetry night. The list goes on and on, and they were all highlighted in Gotham’s windows and collectible gummy tins showing it all on the streets of NYC.

In a short time, the Office of Cannabis Management, which oversees all things cannabis in the state of NY, has had three leaders. That says it all. Although there has been some progress in addressing illegal products sold in NYS in unlicensed stores and by illegal delivery businesses, NYS has not achieved the impact needed to build a robust legal market. Industry frustration is high, and this should be a priority for the state.

The OCM moves too slowly, and they need to focus on measures in 2026 that will help the industry grow. Dispensaries should be able to pull a license (with ease) as caterers do for events. That means we can do more weddings and private events, and sell at concerts and farmers’ markets, just like liquor companies do. There needs to be other avenues for dispensaries to build their businesses beyond four walls. That is a win for everyone, including the farmers.

Research, although slow, is uncovering the plant’s positive aspects every day. Cannabis compounds have proven to halt cancer growth, blocking blood vessels and tumors. From a pain perspective, cannabis can block pain, help with inflammation, and improve sleep. It is not a simple solution, and more research needs to be done, but if cannabis can be an opioid substitute, that is huge. Opioid addiction usually starts with an accident, and why should people find themselves falling into the abyss of abuse over pain?

I am optimistic as always, but being at the forefront of this industry has made me more cynical and realistic. I am looking forward to our first salon at The Highrise to discuss the importance of research and why no one is putting capital into our businesses. I know the answer as an investor, but many do not.

The Federal Government is a shambles, so it is unclear to me that legalizing the plant at that level will happen anytime soon, which would be a huge mistake. Yet mistakes across the board seem to be the government’s motto. But if we look at history, it will happen. The question is always the same: when?

I spent the last part of the year sleeping. It was as if my body needed to reboot. 2025 was a good year. Wonderful family affairs, and the entire family is back and living in NYC, which makes our hearts sing.

Gotham has been a wild roller coaster, as all start-ups are, particularly in an industry that continues to operate like the Wild West, changing and evolving. Everyone in the industry is thrilled to see movement in the right direction, rescheduling cannabis. I hope federal legalization is not far behind. It is such an absolute shit show that change is needed. Gotham has added The Highrise, a salon, where we hope to spark interesting conversations in the cannabis industry. Apply today!

This year, the Community Fund raised nearly $12 million to advance resident leadership, workforce development, digital equity, community health, and neighborhood revitalization across NYCHA communities. These investments translated into paid jobs, scholarships, and direct financial support for residents, while also delivering visible and lasting improvements to public spaces, community centers, and quality of life for tens of thousands of New Yorkers.

I got to spend time in a variety of different places with good friends and family. The white noise of what is happening in our country has cast a pall over my path, making me more cynical than ever. Although, as the saying goes, only the paranoid survive.

On a positive note, I am optimistic about seeing young people run for office and win. We need change. I talk to young people in the art world who are thinking differently about the industry’s realities. Phones are being banned in schools, and kids are filling their time with clubs and games. People want to meet in person. Media is shifting to new platforms, and individuals can find an audience and a voice because old-school media needs to regain some trust. The Knicks are doing well.

Women are making a greater impact, although we still have far to go. It’s obvious the men right now aren’t doing a very good job and seem to have no empathy. Currently, power seems like a very ugly game.

I can’t think of a genre that isn’t shifting onto a new path. It may be the post-COVID world, where being disconnected was not a good thing, where big business has become like the Wizard of Oz, and where it is hard to trust anything. People seem to be leaning into a more socially conscious society. I hope so.

In 2026, I will be 65, and after sleeping for six days, I am going to take it down a notch, and that might mean blogging less, or not. Only time will tell. I am excited about the year ahead, and as always, it is a good time to take a look at the landscape before surging ahead into 2026.

At the end of December 2025, that is soon upon us, Paramount Skydance is shutting down all MTV musical channels. No music videos, no unplugged, no more premieres. This is the end of an era.

MTV launched in 1981 with “Video Killed the Radio Star” by the Buggles. Instead of DJs, there were VJs, and Martha Quinn was my fave. MTV changed the way people found music, marking the evolution of music discovery away from radio. Oddly, radio is still here, though waning, as our own music from our phones can be plugged in and played almost anywhere.

The Real World was MTV’s first reality show, and one of the first across all platforms, launching a new era of bad TV. Rock the Vote was a response to the censorship of young rap artists and energized youth to register and get involved, reeling in celebrities to highlight the importance of government engagement.

At the end of the day, it was all about the music. Before MTV, music from abroad made the hit list a year after playing nonstop overseas. Now, hits were streaming simultaneously. When I lived in London in the fall of 1981, Soft Cell’s Tainted Love hit the charts, and when I returned to the States, this song began to get traction. I listened to that song endlessly for an entire year, and what spoke to me is that the world was beginning to connect simultaneously.

Both my siblings were in the music video business, producing videos from Push the Little Daisies with Ween to All I Wanna Do with Sheryl Crow. I got an insider’s view of a new industry producing short-form storytelling content and music videos to promote songs vs. albums.

MTV’s impact took time because conservative operators were wary until, of course, the ratings came in. The cost of these videos is not low, and, like everything, it has gone up over the years. I remember when Bad by Michael Jackson launched on MTV, and although groundbreaking, it was costly to make, almost the cost of putting on a concert, but at a concert, the ROI might be higher.

How do you keep a channel running for less? You create shows like Snooki that rate high, and then we saw more stations jump on this bandwagon. Video obviously did not kill the radio star, but Snooki might have.

I did love my MTV.

This past week, we went to two spots that have brought in older chefs with experience to take over the kitchen. The first is Babbo, where Mark Ladner, who was brilliant at Del Posto, worked for Mario Batali and Joe Bastianich—the days when restaurateurs and chefs were catapulted to fame. The other spot was Lex Yards, at the newly renovated Waldorf Astoria, where Michael Anthony, the original chef at Gramercy Tavern, spent twenty years.

Mario had a fall from grace, but he still lives on at Babbo. The rooms have not changed, and neither has the menu. Certainly, Ladner is the perfect choice to head the kitchen because he was around back in the day, but the food lacked that moment when flavors explode in your mouth, and your eyes pop out of your head because the dish is so spectacular.

What is wild is nothing has changed, even the cluster fuck when you check in remains the same. I can’t count the times we had dinner at Babbo, so returning was a strange, nostalgic feeling. I kept imagining David Lynch, the sommelier at Babbo, coming over to our table. Michael Glickman was always at the front checking in the patrons.

I do wonder about the deal that was made with Stephen Starr, who is now the proud owner of Babbo and an excellent restaurateur. Batali and Bastianich owned the building and sold it to Starr. Did they also make a deal to keep it the same, give them the recipes, and share the playlists? Will we ever know? I am not sure we are running back, but I would sit in those rooms or at the bar at any time of the day. It is a beautiful spot where, if you close your eyes, you can see the orange clogs peeking out of the kitchen.

As for the Waldorf Astoria, they brought in Michael Anthony. Granted, it is a hotel restaurant, and in Europe, hotel restaurants tend to have more cred than ones in NYC, but I was inspired to have a holiday dinner there after going for a drink this fall to see the hotel after reopening from a five year renovation this past summer.

The Lex Yard room is not that inspiring, considering it is the holiday season. I expected a lot more glitter. Who else still spends money on that? The entire experience from start to finish was insanely disappointing, and the food was a giant meh. The concept is to serve a fixed menu upstairs at Lex Yard, and if you want, you can also order from the bar menu downstairs. The bar menu is superior, though we finally got a few things off it, and they weren’t outstanding either. All in all, a huge disappointment.

As we see the rise of new spots with young, creative chefs, including the surge in cocktails, these old spots might be better off thinking outside the box rather than sticking to an old-school approach. Or perhaps, I am not the audience they are hoping to feed

In 1960, the FDA approved the pill. We can point to bigotry, racism, white supremacy, misogyny, and patriarchy as the leading causes of the hatred we are seeing in society today. Still, when women were finally able to take control of their own bodies, everything changed. Keep in mind, it wasn’t until 1973 that women were finally able to get a loan or a credit card. Perhaps the biggest fear is the changing of the guards.

Not only do women want their own careers, but households with two working parents are also becoming the norm. Women are delaying or choosing not to have children. The timing has changed, too, whereas thirty years ago, women were having children in their early 20s; now, the majority are waiting until their 30s. More women are going to college, having successful careers, and making decisions about how they want to live their lives today.

In the past sixty-plus years, cultural shifts have been evident. Women go under the heading ‘two steps forward, one step backward’. Outlawing abortion, demeaning women in a public arena (aka our misogynist President), and even women’s peers who want to return to a time when men rule the roost. The backlash right now is insane, particularly since the “Me Too” movement (thank god) changed more than we realize. Take a look at some old 80s films to see how women were filmed and how language was used.

Fewer women are having children. We can point to Korea, Japan, and even Greece, where birth rates have plummeted. Why? Perhaps because having is rewarding but hard work, expensive, stressful, and the responsibility generally falls on one person’s shoulders, and in a male-female marriage, it is typically the woman. We might all be able to live a hundred years but those early years of ones career are essential, and nobody should discount the importance of ones own self worth.

Giving women a financial bonus to have a child is not the answer; instead, it requires a complete restructuring of how businesses and governments help women (and families) flourish. Childcare, housing, a 4-day work week, and diversity in the workforce create environments where women want to have children, as these are basic needs that help reduce stress when juggling a family and a career.

Perhaps Hillary Clinton had it right, it does take a family, and right now women are not getting the support and recognition that they deserve from their male counterparts or their government.

We all love finding a good bargain, but we have taught consumers to expect a deal because somehow they will become loyal. Customers who are bargain hunters have zero loyalty unless everything is always on sale. I saw that firsthand at Macy’s during the one-day sales, where a different group of consumers came into the store. Look at Groupon, a business model built on customer loyalty for merchants who use its site. The model doesn’t work.

It kills me to see the cannabis vendors using discounts to undercut their competitors. There is a time and place to mark down products, as in right before they expire. How can we build a successful foundation when we know we must follow suit to do what everyone else in the market is doing?

I want to believe that consumers are smart. Loyalty is built in other ways, from loyalty points to experiences, to assortment, to discovery, and fun. The cannabis environment is forcing the discounts, and it is definitely not the way to build any of our businesses. Real margins help build real companies. Discounts are not a strategy.

I love watching murder-solving documentaries without having to pay full attention—a dirty little secret.

These shows rarely stick with me, but this particular one did. The doc is called “Why Did You Kill Me” and was made in 2021, although the murder occurred in 2006. A young woman is shot in a car with her family, and nobody knows why or who. The police enter the picture as the viewer learns about the town, the families, the gangs, and all of their relationships.

Her mother wants to seek justice for her daughter. Her sister engages MySpace to find suspects. She creates different profiles for different people she is trying to reel in. They believe they know who shot the gun. What is mind-blowing is how this teenage girl was an expert at using MySpace to brand herself — essentially pretending to be two profiles and luring people in—a social media expert of the time.

Watching and listening to how she went about it was like a trip down memory lane. People freaked out when MySpace launched in 2003, and there was zero regulation on the site. Besides the data breaches, the relationships that anybody could have as a child are scary. This kid knew that, but so many who were exposed to the ability to find people across the globe whom they could perhaps relate to, rather than the kids at their local school, spoke volumes about the need for curricula to teach happiness and address mental anxiety and behavioral issues. Sex ed of the next generation?

Instagram, TikTok, and YouTube suck you in, leaving you to waste countless hours disconnected from society. As an adult, I have anxiety over what is happening in the world, and I wonder what is real and what isn’t. Do I enjoy seeing the Chanel Show in the subway? Absolutely. Do I need to watch ten shows in a row? Definitely not. But that is not what teenage kids are doing.

I love that Kathy Hochul banned cell phones in schools. Nobody needs them in that environment. Let kids focus, let them run around, let them giggle, let them read, and educate their brains so they can learn and interact with each other. The mental health issues among children are sky high, and I am all for evolution and technology, but how we use technology is the key to less angst.

I spent last week in Vegas recording a podcast with Cultivated (Jeremy and Jay) to extend Gotham’s collaboration with them and announce The Highrise, a series of salons, with one starting in January and the second in October.

MJ Biz, the largest conference in the cannabis business that Emerald purchased in 2022, to add to their roster of 142 conferences and 16 media events. In all fairness, this was my first time at MJ Biz, so I have no idea what it was like in its heyday, but the actual conference felt similar to the end of Meckler, who was a pioneer in the internet conference biz. The events became staid. These days, it is all about profit so I want to know what the ROI was on the conference hall booths.

Large players in the industry put on other events, be it a party or a brunch, where people can meet and greet. There are, of course, a few big crazy parties; after all, it is Las Vegas.

Besides the fact that Las Vegas is a complete assault on your senses and feels incredibly empty (as confirmed by Uber drivers), it is also expensive, and nobody in this industry is profitable. I walked away from the event realizing that the key to shifting this industry forward is to reschedule cannabis and pursue federal legalization. Still, I fear the sector becomes a private equity play, where the patience to reach profitability goes only so far.

The next six months will be very telling once the cannabis companies publicly traded on the Canadian stock market have debt due in the first quarter of next year. The debt is mainly due to federal tax liabilities under 280E. These are not tech businesses; they do not have the reach that tech businesses can have, making the back-end technologies of this industry have a limited customer base unless they create products that can sell to more people. At the end of the day, the publicly traded companies are all mostly heavily regulated CPG businesses that are not making money.

I hope we are starting to see our government wake up to the reality of the importance of embracing this nascent industry emerging around the globe.

If you missed our launch conversation for The Highrise with Gotham and Cultivated….here you go!