Saks Fifth Chief Says Luxury Retail Has Been ‘Comfort Food’ For Some Shoppers During The Pandemic
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 than a pair of shoes.” “Why else would you buy 110-millimeter pumps … from a from a luxury brand, when you’re working at home and on Zoom all day?” he said. “You do it because you love fashion, and it’s your Oreo cookie. It’s your — something that’s going to make you feel better.” Read more at CNBC.