It’s no big surprise that retail is getting pummeled. Saks dropped more than 10% today as earning missed. Hmm. Foreclosures up, expensive do-dad sales down. Who’d have thunk?
But, I always remember Saks as the anchor store for the upscale malls, and I expect that they may get beat down over the hot summer to rebound with the back-to-school market, so I’m going to keep an eye on that price. The price will need to be very low, though, for a retailer with no dividend.