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Luxury consumers shaky, but still shopping

Tags: Saks

The luxury consumer is resilient and has held up reasonably well amidst the recent market volatility, the head of Saks Inc. says.

“The consumer hasn’t fallen off of a cliff,” chairman and CEO Steve Sadove tells BNN. “I think that they’re a little bit shaky about the environment."

Sadove says high-end retailers have their inventories in shape, whereas in 2008, there was double-digit decline in consumption, combined with double-digit growth in inventory. “There’s a scarcity of product, which is what luxury’s all about.”

And while a number of American retailers are moving into Canada, Saks has other plans.

“[In] a market like Canada, you have well-served luxury today. Unless you’re able to go up into a new market and bring either new brands or bring something differentiated, I’m not so sure it’s going to be so core to our growth strategy,” he says.. CTV Two CTV News CTV News Channel BNN - Business News Network CP24