Nordstrom is cutting hundreds of jobs, confirming a terrifying new trend among wealthy shoppers

The Business Insider reports:

Nordstrom said Monday it was slashing 400 jobs at its corporate headquarters.

The move comes two months after the department store chain reported a 3% drop in comparable sales for its fourth quarter, and forecast that profit per share would fall 30% in the first half of this year.

The cuts confirm a terrifying new reality for high-end retailers: Wealthy shoppers are reining in spending and — along with the rest of American consumers — refusing to pay full price for anything.

Nordstrom inventory increased 12% in the most recent quarter — a sign that the chain is having a hard time clearing its shelves, and will likely have to rely on promotions to sell the merchandise.

Imagine that.