Pursuits
‘X-Fluents’ at Saks Defy Turbulence to Buoy Luxury Sales: Retail
This article is for subscribers only.
When stock markets tumble, wealthy U.S. shoppers typically cut back their visits to such luxury emporiums as Saks Inc. and Nordstrom Inc. Yet even as the markets have seesawed, they’ve kept right on spending.
Exhibit A: Saks and Nordstrom yesterday reported September sales that exceeded analysts’ estimates, while luxury retailers as a whole outpaced all other segments except gasoline-selling wholesale clubs.