• Women’s Wear Daily, Tuesday, December 4, 2007 12 PM

Thanks to the plummeting dollar, overseas tourists are shopping till they're dropping--especially in New York. "We're seeing outsize growth in jewelry, handbags, shoes and some of the designer brands," says Stephen I. Sadove, chairman and CEO of Saks. "We're seeing it mostly in New York, but we may be getting some [lift] in the major gateway cities like Los Angeles and Chicago."

The Shops at Columbus Circle at the Time Warner Center on Manhattan's West Side has seen a 25% increase in foreign travelers this fall, and year-to-date sales at the center are up 25%, says David Froelke, gm of the center. "Based on our demographic studies, local shoppers spend about $80 per visit," Froelke says. "Foreign tourists on average spend about $135."

New York City has been aggressively promoting itself overseas as a destination for everything from shopping and fashion to entertainment. A $30 million ad campaign that bowed in the fall in 10 countries has the goal of attracting 50 million tourists by 2015.

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