Behind Citi's downgrade (I, II) on high-end retail stocks: Though sluggish tourism in Europe and...

|By:, SA News Editor

Behind Citi's downgrade (I, II) on high-end retail stocks: Though sluggish tourism in Europe and a weak stock market that continues to dampen the enthusiasm of luxury buyers are the headliner items off Citi's report on Macy's, Nordstrom, and Saks - sitting behind the scene as a drag on returns is the big bet some of the firms in the sector are making on technology. Now that the rich aren't buying, that capex spending looks less promising.