HOLIDAY PRIMED FOR LUXURY GIFTS?Byline: Candice Choi Staff Writer A $1 million diamond-encrusted pen most likely won't sparkle See SPARQL. in your stocking this season, but analysts say holiday gifts are getting decidedly swankier. That's a complete turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from last year when discounters like Target and Wal-Mart reigned king, said Jack Keyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp. Keyser's comments were part of the Glendale Galleria's third annual panel on holiday sales. ``Wal-Mart is the last bastion of wiped out brands,'' Keyser said. ``If you want something new, you're going to have to go luxury.'' Ernst & Young also released a report Tuesday forecasting a 6 percent growth in holiday sales this season, compared with a 5.7 percent increase over the same period last year. ``One of the big positive factors is spending by affluent consumers,'' said Aubie Goldenberg, partner at Ernst & Young's retail group. ``This sector seems more comfortable of where they stand in the economy.'' Meanwhile, Goldenberg said growth is slowing for bargain retailers. Shoppers at those stores are more likely hurting from higher gas prices, he said. High-end stores like Robinson's May are indeed performing better at the Glendale Galleria The Glendale Galleria is a large 3 story regional shopping mall located in Glendale, Los Angeles County, California. It is the second largest mall in Los Angeles County. It is located in Downtown Glendale. , said JoAnne Brosi, the mall's general manager. Drawing shoppers to these upscale retailers is their growing emphasis on personal service, Brosi said. ``Let's face it; retail is theater and luxury does theater better than anyone else,'' Keyser said. The Robb Report The Robb Report is a magazine about luxury life, featuring products of the lifestyle, such as cars, watches, and real estate. It was originally started by Robert White as a magazine to complement the purchase of a Rolls-Royce automobile. is releasing its ``Ultimate Gift Guide'' later this month. Included on the list of over-the-top luxury items are a $90 million English estate and village, $475,000 World War documents and $1 million diamond-encrusted Montegrappa pen. For those of lesser means, Classic Designs, a luxury jeweler in the Glendale Galleria, showcased some popular items this season at the panel, including a bejeweled be·jew·eled or be·jew·elled adj. Decorated with or as if with jewels. watch clocking in at $55,000. Other products displayed included Apple's new color-screen iPods, which can hold 25,000 photos in addition to storing songs. Prices ranged from $499 to $599. Candice Choi, (818) 713-3634 candice.choi(at)dailynews.com |
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