Retail

Saks Fifth CEO says luxury retail is ‘comfort food’ during pandemic

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A pedestrian passes in front of the Saks Fifth Avenue Inc. women’s store at Brookfield Place in New York, U.S.

Allison Joyce | Bloomberg | Getty Images

Saks Fifth Avenue Chief Executive Marc Metrick said luxury retail has been like “comfort food” for some shoppers during the Covid-19 pandemic.

“People were buying things in the height of the pandemic that there was no absolute functional end use for, but they love the fashion,” Metrick said Thursday during a virtual presentation at the National Retail Federation’s Big Show event. “I think what we learned is [consumers] view luxury as the comfort food of retail. … It was their way to feel — it was something so much more and so much deeper…



Source cnbc.com

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