Luxury retailers like Saks have been among the hardest hit retailers as they were caught by the sudden retreat of shoppers who had been willing to pay $900 for designer shoes and $5,000 for handbags. The sudden reversal forced the luxury merchant to slash prices on holiday goods by up to 70 percent even before the official holiday season began. Meanwhile, Saks has been cutting inventories this year as it responds to a slump in demand.
AP, Feb. 25, 2009, NYT

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See also Feb 9, 2009 WSJ article on Saks