Retailers, consumers and prices
Saks CEO ‘staycation’ing in slump
Many U.S. consumers are not really in the mood to go on vacation. That’s understandable, with all that’s happening in the economy right now.
Guess who else is staying home this summer?
“As a family — my wife, my kids and I — are making sure we’re doing more in the way of ‘staycations’ as opposed to traveling as much,” Stephen Sadove, chief executive of upscale retailer Saks, said at the Reuters Global Luxury Summit in New York on Tuesday.
The retailer’s top executive said he was paring back expenses and planning to forgo his annual ritual of getting himself a new watch in the light of the economy.
Sadove, who has personally paid to take his wife along in the past on a few of his European buying trips, said, “I didn’t think that sent the right signal … We decided that wasn’t the right thing to be doing.”
One can only hope the struggling retailer’s sales figures start sending the right signals soon.