Nov. 29 - Luxury retailers, who are benefitting from a record high stock market and rising real estate prices, take a more subdued approach to Black Friday. Bobbi Rebell reports.
While the discounters and mid market retailers scream for attention from shoppers on Black Friday- offering bargain basement prices to folks desperate for deals- at the high end- they can afford to take the high road. The conference board's Ken Goldstein: SOUNDBITE: KEN GOLDSTEIN, ECONOMIST, THE CONFERENCE BOARD (ENGLISH) SAYING: "The upper income folks they are benefitting not only from these improvements in the housing market, but especially the improvements that we have seen in terms of stocks. And so the upscale market, the upscale retailers, they are going to have a very good holiday season and they are not worried." The stock market is at record highs- with the Dow up about 20 percent this year. That's putting a lot more cash in some people's pockets. STANDUP BRIDGE: BOBBI REBELL, REUTERS REPORTER (ENGLISH) SAYING: This holiday season- high end retailers have the luxury of playing it cool. Here in Manhattan at the Shops at Columbus Circle, this Hugo Boss store has no Black Friday signs at all- and the few discounts that there are, are small and selective. Black Friday is practically invisible at many of these pricey stores- where jewelry and high end audio equipment still drew in shoppers. Some of those shoppers had come from nearby stores that were offering discounts - something high end retailers can play to their advantage says Milton Pedraza, CEO of the Luxury Institute: SOUNDBITE: MILTON PEDRAZA, CEO, THE LUXURY INSTITUTE (ENGLISH) SAYING: "What they are hoping is that they are going to get part of the overflow. That people will go shopping, and that they will then come into their stores, not necessarily looking for a bargain and because they have gotten bargains at Best Buy and other places, but just to buy because they are out there, because they have a high energy a lot of adrenaline going through and therefore they will buy vigorously. " Pedraza says look for technology and jewelry to be hot sellers- and for tight inventories from the top names- keeping their goods exclusive, and their profits intact.