Cramer: Great Barometer of High End
If you want a read on rich shoppers, this is one of the best barometers out there, said Cramer.
The Mad Money host was talking about Saks, the ultimate high-end department store.
The flagship store on Fifth Avenue in New York City has become so important to high end shoppers, it's as much a destination for overseas shoppers as it is for Americans.
And Steve Sadove, the chairman and CEO of Saks says business is brisk. Sadove doesn't see the fiscal cliff as a huge issue – that is, if lawmakers can find some common ground.
"Whether tax rates go up or not is less important to the Saks shopper than how they feel about their net worth," he explained.
Rather than the fiscal cliff, Sadove said the big issue for his business was Super-storm Sandy. "That was a punch to the stomach," he said.
11 of the 45 Saks Fifth Avenue stores had to be shut down for anywhere from one to seven days, including the NYC flagship.
"And people who didn't have electricity certainly couldn't shop on the Internet," Sadove added.
However, other than Sandy, Sadove was relatively upbeat. He had good things to say about fashion trends.
"Our customers won't buy what they already have in their closets. However, they love something that's new, fashionable and different," and Saks seems to have what they want.
"Things are pretty good at Saks," said Cramer. And that bodes well for the stock.
Of course most stocks trade in tandem with the overall market – and if you think the market is heading for a big whoosh lower – then you don't want to buy anything.
"If however, you think the stock market will go higher well – this remains an inexpensive stock and a good play on the high end consumer who appears relatively healthy," Cramer said.
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