On July 1, Barneys will find itself officially without a C.E.O., and fashion circles are buzzing about possible candidates to fill Howard Socol's Italian leather dress shoes.

Barneys' new owner, Dubai government investment group Istithmar, needs to find his replacement fast to execute an aggressive global expansion plan and lead the 27-store company during an economic downturn that's hurting upscale retailers. A lack of major available talent in the industry, friction between Socol and Istithmar, and doubts about the Barneys brand's export potential top the list of reasons fashion wags think Istithmar won't have an easy time with the search.

That said, two names keep turning up on insiders' lips: Macy's West C.E.O. Jeffrey Gennette and Saks Fifth Avenue president and chief merchandising officer Ron Frasch. Like Socol, Gennette earned his retail stripes at a middle-brow department store, and is known as a likeable strategic leader. Frasch, meanwhile, has the luxury-fashion merchandising skills to run a store that prides itself on being ultra-chic. He's held the C.E.O. post at Barneys' rival, Bergdorf Goodman.

The top spot at Barneys is widely viewed as one of retail's pinnacles. It would launch Frasch into a top fashion chain's top spot, in contrast to his position as No. 2 at Saks. Frasch, however, insisted he's a company man, well taken care of at Saks. Macy's declined to comment on Gennette.

In fashion, anything can happen—this spring, acid-wash denim lurched back from the land of dead trends—so no contenders for the throne can be ruled out yet. But all the fuss over who will helm Barneys raises another question: What's it really like to run this storied retailer? Here, a look at the major perks and challenges awaiting the man or woman who would be Howard Socol.

The Upside

A seven-figure paycheck...
A source close to Barneys confirmed this figure, since the privately held company doesn't disclose salaries. Saks paid Frasch $3.8 million in total compensation last year, according to filings with the Securities & Exchange Commission. Another upscale public retailer, Nordstrom, awarded its president, Blake Nordstrom, $2 million in 2007.

…plus a plethora of perks.
Many top fashion executives receive generous shopping discounts, a corporate car and driver, and joyrides on the company plane. Barneys will likely dangle similar perks to lure the likes of Frasch. Saks shareholders picked up the $11,343 tab last year for Frasch's driver. He also gets to fly for fun on the company plane, as long as his boss approves. Likewise, Nordstrom president Blake Nordstrom and other top managers received shopping discounts as steep as 40 percent.

The front row.
Barneys' new C.E.O. might want to apply that shopping discount to a passport holder—the Manhattan flagship stocks them in calfskin by Italian firm Valextra, a brand beloved by Jackie O., for $680. There will be plenty of jaunts to Milan for the men's collections and Paris for the women's shows.

Iman, Donatella, and everyone in between.
For the chief of Barneys, schmoozing with clients means hosting parties for designers and glitterati at your store. Then there are the events like the Fashion Group International's Night of Stars, which Iman hosted last fall. Socol was honored along with architect Zaha Hadid and Lanvin designer Alber Elbaz.

The Challenges

Turning a profit.
When they're not hanging out with style icons, luxury-retail C.E.O.'s are fanatically keeping tabs on whether the latest wearable art is actually selling. That means tracking revenue by store and category and margin every day, and dealing with the duds.  

Working in retail.
It's still a field known for six- or seven-day weeks. Socol generally started at 8:15 a.m., guzzling coffee to keep going through dinners, shows, and parties that sometimes kept him on duty past midnight. Industry experts blame the dearth of potential successors in part on the fact that many talented young executives skip the rigors of retail for less demanding fields.

Keeping expectations in check.
Socol reportedly quit after feuding with Istithmar over its desire for rapid expansion to the Middle East and other far-flung locales. That's important, in part because the wrong real estate decisions can wipe out profits at a small chain, notes former Barneys C.E.O. Allen Questrom.
 
An intra-office commute.
Unlike Bloomingdale's' C.E.O. Michael Gould, who has his executive office inside the Manhattan flagship, or Saks, where top brass work across the street from their main store, the Barneys C.E.O. has to schlep between the money side at 575 Fifth Avenue and the merch at 660 Madison. Socol regularly made the 15-minute trek on foot.