Can New York Fashion Week, the twice-yearly bastion of glamour and luxury, survive this economy? I’ve been approved for press credentials and drafted my story pitches, but will the grand Bryant Park tents even exist? Vera Wang is just one of the first to forgo a massive show in the tents in favor of a smaller, less extravagant event. Women’s Wear Daily reported:

Wishing to convey a more intimate mood, the designer will stage her Feb. 19 show in her new Mercer Street store. It is tentatively planned for 9 a.m., which frees up her usual 10 a.m. slot.

“It seems relevant today. I don’t want to seem irrelevant or unaware of what’s going on in the rest of the world — not just the fashion world,” Wang said Tuesday. “I finally made the decision last night based on many, many things. The intimacy of a smaller show feels much more appropriate for these times. I say that as a business owner, as a designer and as a person.”

But some form of Fashion Week must exist if the industry is to survive. As numerous designers, stylists, and fashion journalists told me at the start of the economic downturn in September, designers absolutely must present their collections to the press and public if they want to make sales. And when people are spending less money, especially on clothing, shoes, and accessories, it is even more important that the designers show their collections to compete for the few remaining buyers. Yet, with dwindling sales and an anti-extravagance attitude pervading the country, designers are reluctant to spend as much as $500,000 on a runway show.

Fashion Week may be different this year, especially for those who have been attending for years and received many a swag bag and glass of champagne at the shows. But I think the devout fashionistas would give up the glitz and glamour of Fashion Week to avoid the death of Fashion Week–and design houses–altogether.

UPDATE, Sunday, December 21, 2008: Not all designers are running from Bryant Park. Women’s Wear Daily reported Friday that fashion giant Tommy Hilfiger will return to the tents in February and take Vera Wang’s slot. I respect Tommy Hilfiger’s fashion empire, but does anyone actually wear Hilfiger designs anymore? After all, when I think of Tommy Hilfiger, I think of Tommy Girl fragrance and the logo bags (and mini backpacks!) that were so popular in middle school.