Why did American Stores believe that luxury can come from only the Old World?

When looking to sell high end products to tourist, American stores have always seemed to direct their sales effort to tourist from the “Old World”. But that seems to be changing.   Many Europeans have been traveling to the US and buying many of our luxury items, in one respect the value of the American Dollar compared to the Euro, and the availability and diversity of products in our major cities.  

In a recent article in the New York Times dated: 4-14-12, by Stephanie Clifford, stated that many of our American luxury stores are now in competition, with European luxury stores, for Chinese tourists. One VP of an upscale Antique Store stated:” There has been prosperity across so much of Asia that you’re starting to see it much more in the profile of the tourist on Madison Avenue” 

Competition has become fierce. Some stores have been treating Chinese tourists to private concerts with pianist Lang Lang, cocktails, and fashion shows attended by designers; Oscar de la Renta and Diane Von Furstenberg.  Stores such as Tiffany and Montblanc have added staff members who speak Mandarin and Cantonese. The article goes on to say that the US retailers are lagging behind other countries, in part due to Visa issues but also they have failed to see the rising affluent in Asia.

Will American retailers be able to compete with European Retailers, or will they be left behind?