Here is my hotlist after a quick scan of the markdowns at American mainstream retailers today (in-store and online):

• The best bargain in town is an iridescent black/brown trench coat from Banana Republic. Marked down to $119, it’s perfect for every occasion – from desk to dinner, cocktail, work or smart casual dressing. It’s posh, polished, effortlessly chic and won’t date.
• For pristine modern-classic business attire, Ann Taylor can’t be beat. Their black, grey and pinstriped suiting is half price and well worth a look. Immaculately tailored coats are 60% off and will probably be reduced further. Their petites area is particularly good and everything is on sale.
• For little black dresses, cocktail wear and dressy separates, take yourself off to BCBG for something extra special, and to Ann Taylor Loft and Forth & Towne for something a little more mainstream. Don’t be caught with nothing to wear when a formal Spring or Summer occasion comes your way. Save money, time and effort by buying your outfit now.
• If you’re still interested in buying high fashion merchandise for the tail end of winter – Express is best for knitwear, t-shirts and collared shirts.   

These are just a few of the good deals out there.

Trench coat from Banana Republic ($119), cocktail dresses from Ann Taylor and Ann Taylor Loft ($49.99, marked down from $179).

Most retailers went on sale the day after Christmas. With Autumn and Winter collections reduced by at least 50%, this can be a good opportunity to buy what you missed during the season. However, do not be seduced by fads at bargain prices that only have a couple of months of fashion life left in them. I like to shop for items that I can fashionably wear into Spring or next winter.

High ROI (return on investment) purchases you should consider:

• Tailored coat in a basic colour
• Tailored black jacket
• White collared shirts, romantic ruffle blouses, voluminous blouses and tunics
• Cigarette pants
• Black or black pinstripe suits
• Cocktail wear – especially little black dresses
• Ballet flats and wedge shoes
• Evening clutch bag
• Animal printed and metallic accessories

Low ROI purchases you should leave behind:

• Bubble skirts
• Leggings
• Tartan and hounds tooth jackets/coats

Think twice about:

• Red items – while red will not feature as a fashion colour for Spring 2007, it’s still an excellent basic colour to have in your wardrobe. Red is like black, white, cream, grey and tan. This is completely your call. 
• Black items – while black will always be fashionable to wear, it is not a fashion colour for Spring. Don’t duplicate black items in your closet just because they’re on sale – beware the black rut. 

Remember to shop with a plan and to leave the items that do not absolutely work for you behind. Have fun finding great bargains!

It’s important for the largest part of your wardrobe and seasonal fashion budget to reflect the dominant seasons where you live.

Examples from the three corners of the USA: 

• Hot Florida – Spring/Summer collections will dominate
• Cool Seattle – Autumn/Winter collections will dominate
• Extreme New York – you’ll spread your budget equally over both collections since it can get as hot as it can cold.

This year I made the mistake of going overboard on the great sleeveless styles that were so popular in the summer collections. Living in cool Seattle, I ended up wearing them once or twice before they were banished to the back of my wardrobe. And if you live in a predominantly warm climate – an assortment of coats is futile despite how much you love to wear them.

Of course, if you are a frequent traveler this will also affect your budget allocation. Do a quick assessment of your wardrobe – does it reflect your climatic demands? Are you allocating your budget effectively?

Black – stylish, chic, versatile, slimming and sophisticated – is often our first choice when it comes to a woolen winter coat. However, for pet owners, busy Mums and frequent travelers, there couldn’t be a less practical choice. Black shows dog and cat hair, lint and drool more than any other colour. Not a good thing when our goal is to look polished.

What are the alternatives?

Choose printed patterns, tweedy weaves or mottled plain colours instead. These choices will divert the eye’s attention away from the odd stain you are bound to incur. Lint and pet hair are barely noticeable on fabric that is already busy.

Keep your black coat for special occasions and invest in something more hard-wearing for everyday use. Keep it tailored and you will still look chic.

Practical and stylish: “mottled” grey (Marc Jacobs) and plain brown (DKNY) herringbone tweed coat selections, available at Nordstrom.