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Even with a weak economy luxury retailers are doing just fine, say execs at the Goldman Sachs...

Even with a weak economy luxury retailers are doing just fine, say execs at the Goldman Sachs retailers conference in NY. "We do not see the high-end consumer falling apart,” says Saks (SKS +4.1%) CEO Stephen Sadove. Tiffany's (TIF +2.6%) CFO also chipped in, reporting revenue in Q3 was exceeding estimates.
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Comments (8)
  • spald_fr
    , contributor
    Comments (2735) | Send Message
     
    Yeah, but the wealthy are lucky. When the money was originally distributed, they were first in line and got all the goodies and now we have to redistribute the wealth so everyone gets a fair share.

     

    That's pretty much how I assume followers of 0bama believe about the economic system.
    7 Sep 2011, 02:45 PM Reply Like
  • Bear Bait
    , contributor
    Comments (673) | Send Message
     
    I wouldn't call redistribute the wealth. It's more like undistribute the wealth.
    7 Sep 2011, 02:52 PM Reply Like
  • moreofthesame
    , contributor
    Comments (743) | Send Message
     
    Yeah, I also don't see any danger for the truly rich.
    7 Sep 2011, 02:46 PM Reply Like
  • bukdow
    , contributor
    Comments (855) | Send Message
     
    Thats because the rich are sitting on hordes and gobs of cash money. I am glad those that shop at the high-end retailers are at least spending their cash. Thats more than I can say for US corporations. It would be nice if they would go on a little "shopping spree", you know, hire some people, invest in infrastructure, expand, etc.
    7 Sep 2011, 02:49 PM Reply Like
  • kmi
    , contributor
    Comments (4042) | Send Message
     
    It takes one craftsman to make 1 super expensive high end watch.

     

    It takes an entire factory to churn out affordably priced watches for middle class consumers.

     

    That's the difference between "Saks, Nordstrom" etc and "their lower priced rivals".

     

    I'm not too worried about 'rich folks' impact on the economy, does anyone really care how many megayachts are being built year for the 5 guys who buy them?
    7 Sep 2011, 02:59 PM Reply Like
  • bukdow
    , contributor
    Comments (855) | Send Message
     
    I would like to see the rich folks start throwing their money around in ways that benefit the country. Mainly, hiring people.
    7 Sep 2011, 03:08 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    Stories like this are a real "rub it in your face" to the unemployed.
    7 Sep 2011, 05:13 PM Reply Like
  • Bear Bait
    , contributor
    Comments (673) | Send Message
     
    I still contend the only way to put this money to work in the US is to tax it and put the revenue in the US Treasury. It's not perfect; but, it will at least keep the money out off shore bank accounts.
    7 Sep 2011, 06:15 PM Reply Like
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