Steve posted recently on dealing positively with the recession by doing better by your existing customers—and thus getting more of their business. Well, here's some nice support for Steve's view (and a useful quote). Horst Schulze is the legendary former Ritz-Carlton chief—father of "ladies and gentlemen serving ladies and gentlemen." He's come out of retirement to launch a luxury brand of small hotels. Here in Macau, I came across an interview with Horst in Prestige magazine (06.08). He directly addressed, with aplomb, the issue of starting a new business during a recession: "I [will] not accept the explanation of a recession negatively affecting the [new] business. There are still people traveling. We just have to get them to stay in our hotel."
More or less took the words out of Steve Yastrow's mouth. (And words with which I agree heartily.)