Kimberly Adams

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People buying luxury goods often break down into the really wealthy, who don't care that much about price, and those who might stretch a bit to buy something nice.

Shikha Jain is the lead partner for North American retail at Simon Kutcher.

Jane says the Saks Global brands were getting those aspirational luxury shoppers, but those shoppers are more likely to pull back spending in times of job insecurity and higher prices for everything from housing to health care, especially younger consumers, says Lars Perner at USC's Marshall School of Business.

On top of that, luxury department stores are now competing even more with the brands they carry, says Marie Driscoll, a retail expert at Driscoll Advisors.

What has happened in the last 20 years is many of the luxury brands have opened up their own stores, like the Dior, Chanel.

Louis Vuitton.

To get a foothold in the new luxury retail landscape, Driscoll says department stores will have to lean into the idea of offering those aspirational shoppers a luxury experience, even if they're in the store, for a budget purchase.

In Washington, I'm Kimberly Adams for Marketplace.

Hello, everyone.

I'm Kimberly Adams.

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