Expert To CNBC: Luxury Retail Could Be Dead Soon
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Luxury retailers could be the next to hit the chopping block in this era of struggling retailers, A&G Realty founder Andy Graiser says.
The deep discounting during the holiday season unmasks serious weakness in luxury space, Andy tells CNBC—weakness that will have grave consequences down the road. "There's going to be a lot more closures that are going to be occurring."
The numbers don't exactly disagree. Since 2013, luxury goods sales have dropped from 7% to just 1% to 2% in 2015. Additionally, stock market woes and China’s slowdown threaten to put more pressure on luxury players.
Lastly, a consumer shift from extravagant products to travel experiences could prove to be the final nail in luxury retail’s coffin. [CNBC]