With the opening of Prada’s East Hampton newly-redesigned store at 2 Newtown Lane, the summer 2023 luxury brands offering is nearly set.

Prada opened the 1600 square foot store in July 2022 with green and white cabana stripes — which explains the image on the Prada website. The Italian luxury brand intends to present product drops that are exclusive to the Hamptons, where this is their only store in the area.

Prada Group reported a 23% first quarter 2023 sales increase againt Q1 2022. That 2023 revenue performance represents the first time that Prada Group has cracked 1 billion euros in a single quarter.

In the world of post-COVID summer rentals, the overheated market appears to have cooled. The number of rentals has expanded as demand has fallen.

“Over the last few years, the market has been insane — people would offer $100,000 over asking price for a summer rental,” Corcoran broker Susan Breitenbach said. “Now, half my days are people calling me asking if they should reduce the price of their home to rent.”

“People have been in the Hamptons for three or four years and now they’re traveling again this year,” Breitenbach told On the Money. “This year everyone I know including myself is going to Europe.”

Wall Street bonuses fell 26% going into 2023, while tech and finance layoffs are not over.

To be honest, the local people are decidedly happier when the market softens.

“Last summer I was stuck in traffic for 20 minutes just driving down Main Street,” one East Hampton local said upon hearing about the summer 2023 downturn. “Maybe this year I’ll finally be able to get a restaurant reservation on a Saturday night.”