I was having a discussion with someone the other day about the strength (or weakness) of luxury retailers during the recession. Interestingly enough I came across an article, demonstrating what we talked about.
The article states that in Charleston, South Carolina, Saks Fifth Avenue will be closing it's doors after being a staple in the neighbourhood for 15 years. The retailer will be replaced by none other than Forever 21!! Saks was hit hard by the recession while Forever 21 has been booming.
It seems like the creative class isn't exempt from the recession after all..
Source: BNET, Martin Prosperity
Saks Photo: Upscale Swagger
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