In the last month of 2009, U.S. retail sales rose 1.3% in the whole, more than double what analysts had expected, according to figures released Friday by the Commerce Department. But luxury shoppers still are not going to flash their platinum cards at anything near their pre-recession levels. Though some confident that the worst is over, most of the retailers were projected to end the year with double-digit percentage declines in revenue, except for Tiffany & Co, the miracle of jewelers.
"Looking specifically at luxury, we expect sales to close 2009 down 16% from last year," said Erika Serow, a partner in consulting firm Bain & Co.'s retail practice.
Burton M. Tansky, chief executive of Neiman Marcus Group, said the holiday outlook was "optimistic, but a disciplined optimistic." To recover the economy, especially the high-end industry, there is still a long way to go. "We're trying to make our stores even more exciting . . . with improved service levels and much focused assortments," he said.
Tansky said the chain was "absolutely not" planning deep discounts this year. "There is no reason to," he said. "Our inventories are very much managed properly and are in sync with sales. Last year was an aberration."

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Monday, January 04, 2010