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Luxury retail down; expect more desperate come ons

November 7, 2008 | 10:09 am

83287289 Retail is beginning to look a lot like that bad college boyfriend who cheated on you and then fought to get you back.

WWD reports that sales for October at Saks are down 16.6%, while Neiman Marcus has seen a drop in sales of 27.6%. Nordstrom has seen a 15.7% loss in sales. The mid-level retailers such as J.C. Penney and Macy's also had sales fall during the month, though they weren't hit as hard as luxury retailers.

What does this mean to you, the consumer? It's a buyer's market, and stores will be touting inventive sales and incentives to get your fanny in the door. I have already noticed that Bloomingdales is pushing "employee discount" savings cards for 20% off. Remember how the car industry started wooing customers with this ploy last year? Private sales are also happening nonstop at the department stores.

How are you planning to shop smart this season? Share your tips here.

-- Monica Corcoran

Photo: Getty Images

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