Read today in the New York Times: Of all the retailers hurt by the recession, no group has been pummeled as badly as luxury chains. For months, high-end stores have posted double-digit declines, even as other types of retailers have begun clawing their way toward sales gains.
But new numbers released Thursday show that some of the nation’s upscale chains came back from the dead in the weeks before Halloween.
After months of double-digit declines, Saks, the luxury department store chain, also posted a refreshing number: a 0.7 percent sales increase. The chain, a purveyor of $600 shoes and $2,000 suits, said in a news release that it had “relative strength” in some of its merchandise categories, like women’s designer sportswear, outerwear, jewelry, accessories, and in its e-commerce business and outlet stores, Saks Off 5th.
“It’s showing that there’s stabilization in the marketplace,” said Stephen I. Sadove, chairman and chief executive of Saks, “and I think it shows there was some responsiveness on the part of the consumer.”
Read the article here.
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