Nordstrom might have announced its long-awaited plans to enter Manhattan, but at least one analyst expects the upscale chain to have less-than-overwhelming sales results for the second half of the year.
A Citibank analyst downgraded Nordstrom, Macy's and Saks stocks, citing lagging consumer confidence and a slow economic recovery. All three were cut from "buy" to neutral.
One take we agreed with on the downgrade was this one by Forbes defending Macy's. Macy's. it points out, doesn't exclusively target high end customers and has something available at every price point.
We have been to Macy's many times in the last year and find this to be the case. Items are so marked down that it can be surprising at times.
Do you think the high-end consumer has any gas left in its tank for the rest of the year or are we in for a tough second half?
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