As the cliff looms, what about retail? Specifically, what about the high-end retail customer? Cramer talked to Saks (SKS - Get Report) CEO Steve Sadove, who said the rich are less concerned about having their taxes raised and more concerned about avoiding a fiscal cliff that will do long-term damage to the stock market.
How do Saks customers fell about their net worth at the moment? "At around 13200" where the stock market closed, "they're not feeling too badly," he said. But that could change come Jan. 1 with no deal.
Hurricane Sandy had an impact on Saks, forcing the closure of 11 of it 45 stores, including the flagship Fifth Ave., New York store. It also had an impact on projected sales, which are now expected to be flat after projected growth of 3-4%.Still, Sadove said, he's optimistic, particularly as more shoppers use the Internet and other channels to buy. He called this a "transformative" moment for retail into which Saks is investing over $100 million. But Saks is also opening more of its Off 5th stores, which offer 40%-70% discounts on goods to shoppers looking for "brands and a deal." Cramer said SKS is an inexpensive stock and a "very good call if you think the stock market is going to go higher."