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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..