Conventional wisdom has had it that luxury retail — including clothes, shoes and accessories — is immune to movements in the economy, especially the downward kind. But the casualties at the top end of the retail sector point to a marked decline in that market and analysts warn that this could be a continuing trend. Independent analyst Chris Gilmour said luxury and perceived luxury brands were operating in a competitive market. "I do believe the higher-end space – which includes perceived higher end in the form of H&M and Zara – is becoming crowded and perhaps explains why companies such as Mango and Nine West have shut shop." House of Busby, which owned the brands in SA, said earlier in 2017 that it would be closing standalone stores. This was done as part of a process to alter its portfolio to match domestic needs, Busby said. "Edcon still has little franchises like TM Lewin and Tom Tailor, but it’s difficult to tell how well or badly they are doing. Stuttafords is the big one, tho...
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