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New York

Luxury stores may start to see losses

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Luxury retailers and upscale department stores that cater to Wall Street bankers might start to see financial losses. Retailers that stand to lose the most include stores that opened in Lower Manhattan in the last two years, including Tiffany & Co., which opened on Wall Street this past year, menswear shop Thomas Pink, and French accessories store Hermes. Share prices at Saks department store fell more than 9 percent on Wednesday, and Tiffany & Co. dropped 4.5 percent.