After a whirlwind few days that incorporated far too many cocktails and far too little sleep, I’ve finally put together a few take-aways from the shows.

Bottom line: most retailers seem optimistic about some great product, more realistic pricepoints and a new predilection to focus on items rather than entire collections. Although luxury might be proportionately less than it was, there’s still a market for high-end goods that are special.

That said, the immediate cash flow situation is still “nightmarish” according to several vendors. As Lee Shafkowitz  pictured above) phrased it, “Vendors have been supporting key accounts by not forcing payment. But eventually, people need to get paid and the whole house of cards could come tumbling down…”

Still, Shafkowitz and others maintain that now is the time for retailers to push the envelope. “Show edgier product or better quality product but show something different!” he insists. Joe Bell from Empire Clothing agrees. “For the past decade we’ve filled up closets all over America. The trick now is to show them something they don’t already own.”

Bugatchi.

I have three suggestions. 1) Focus on impulse items, irresistible stuff they can touch and feel and ultimately purchase at all price levels. Among my discoveries: super cool Sportsman reading glasses from Tandy ($9.99-$19.99 retails), beautiful new watch lines from Adolfo ($49.99-$69.99 retail) and Georgio Valentini, gorgeous lightweight wool scarves at Lochcarron ($27 cost, including some crinkled wools) and some sleek napa leathers from Bugatchi.

Michael Apel shows value-priced knits at Marcello.

Alex Abitan and Henri Abitan of Report Collection.

Vigano.

Dalmine shows thier extraordinary cashmeres.

2) Focus on margin builders at all price levels. Consider well-styled cashmere/wool outerwear from Gruppo Bravo ($69 wholesale for $249 suggested retail), Mastai Ferretti cotton shirts ($45 cost, $150 to $175 retail), organic enzyme-washed soft acrylic sweaters (you’ll swear they’re cashmere) from Marcello Sport ($30-$39 cost, $95-$125 retail), and velvet sportcoats with shirt fabric lining from Report Collection ($67.50 for $200 suggested retail. (Also from Report: some gorgeous washed tweed sportcoats with suede elbow patches.) Check out Vigano trousers, $170 cost for a $495 suggested retail (we loved the five-pocket button-fly flannel jeans!) and the four-ply cashmere cardigan with suede elbow patches from Dalmine (at $265 wholesale, it looks like a million bucks!) Finally, don’t forget Andrew J’s stain-resistant cotton shirts at $29-$39 wholesale, $85-$95 suggested retail. (A silky soft hand belies the fact that red wine or ketchup rolls right off the fabric!)

Kroon softcoats are hot!

Massimo Scapellato of Dolcepunta models a sportcoat made from tie silk.

3) Promote softcoats (unconstructed sportcoats) as the “must-have” item for fall 2010. Though they’ve been around, they’ve hardly been maximized at retail and their potential transcends demographics and price levels. Among our favorites: Kroon, ($122-$185 cost for $295-$495 retails), the gorgeous “Rough” collection from Luigi Bianchi ($289-$309 wholesale), a light grey plaid sportcoat from Ross Graison ($175 cost) to wear with flannel jeans and the quintessential extravagance: a tie silk DB model, totally handmade with no canvas, for a suggested retail of $5-$6,000 ($1,932 cost, worn here by Massimo Scapellato). Hey, we all need window dressing!

High energy at Bugatchi!

Some strong wovens at Cotton Reel.

Al Israel shows color at Sand.

Finally, if you think woven shirts are dead, you’re buying the wrong stuff! Check out Bugatchi (they’ve got 360 SKU’s to choose from, priced from $49.50 to $69.50, $125-$145 retail), Report collection ($88-$118 retail: we loved a tiny vine print and an embroidered western), Cotton Reel and Sand. And don’t forget the new Golden Rule: Buy only what you love!