Finishing Touches, alternatively known as a "local fashion icon" and "oasis of style" is closing its doors, and high end shoe monger Zola stopped fitting feet at the end of February. Local artist and Twitterer @frankejames has been hot on the trail and caught former Chatelaine editor @RonaMaynard's attention too. Even the Star took notice.

Aside from bad timing - Toronto's Fashion Week is here! - what does the loss of a couple of Toronto's high-end fashion outlets really mean for the city?

For Franke James the closing of local shops means she may need to re-buy a car but I suspect outside of locals and the particularly well-heeled, the city's loss will go mostly unnoticed: just another victim of the recession, and one many of us can't (or don't want to) afford anyway.

But any loss of local businesses can lead to less sustainable lifestyles, the slow death of neighborhoods or even the erosion of our quality of life. Will a major international chain fill the space? Will a liquidation sale at a mid- to high-end fashion shop hurt sales at the other fashion stores not (yet?) liquidating?

Maybe the pricey duds aren't an essential piece of our city's fabric, but I find myself not wanting to see these shops fail, either.

Tip and photo by Franke James.