Saks Lowering Prices

What: There have been all kinds of rumors about the future of Saks over the past year, especially with the recession beating down luxury brands of late. Well, word has gotten out that Saks will indeed cut back some of its prices. Even select products from Prada and other upscale brands will go down in price. This, of course, is happening all while Saks struggles to save its high-end image.

What They Say: “Prada is now selling a $700 handbag, versus their lower- priced one being $1,000 … At Christian Dior, an entry price handbag was about $1,500. If you look to this fall, you are going to see Christian Dior sell a $950 handbag,” [Saks CEO Steve Sadove] added.

What We Say: Great, a $700 handbag instead of a $1,000 one. Let’s get out our credit cards now! (just kidding).

Have you been to Saks recently? Are there more affordable options than there was before?