After decades of opening stores as a means to fuel their growth, a new report has concluded that high-end retailers need to pump the brakes on their expansion plans. In some cities, they'll even need to close some of their existing locations.
According to The Boston Consulting Group, a triple threat of headwinds has led to a slowdown in the personal luxury goods market. Namely, consumers are shifting their spending toward vacations and wine; the internet is grabbing a larger chunk of spending; and China's red-hot growth is settling in at a more moderate pace.. . . more