Lux redux

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High-end retailers could be in a good position for a recovery once the economy improves, says a Goldman Sachs analyst.

Adrianne Shapira notes that luxury retailers have been hurt more than others in previous downturns, but they’ve rebounded once a recovery began.

The retail sector has been hit hard during the recession. Many shoppers have curbed their spending and traded down to discount retailers. Improved business among high-end retailers would be an encouraging sign for the industry, signaling shoppers are becoming more comfortable with spending.

Shapira upgraded Nordstrom to “buy,” saying the company has adjusted its expenses, inventory and product assortment to deal with the downturn.

The analyst also upgraded Coach to “buy” and lifted her share price target. She said the handbag and accessories maker is likely to benefit from long-term opportunities in China.

She also increased estimates for Nordstrom, Tiffany and Saks.

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