Credit crunch hits Saint-Tropez rich

Retailers in Saint-Tropez are reporting a dramatic drop in takings as the credit crunch hits normally-rich holiday makers.

The number of yachts dropping anchor is said to be down 50% while retailers say the high spending of previous years has become the preserve of only a tiny minority.

One sales assistant in an Italian designer clothes store said: "Last year, if a customer left with €8,000 of purchases, it was a basic sale. This summer, when we sell €3,000 or €4,000 worth, we're happy.”

In previous years, the shop was so busy that there were never enough changing rooms and customers were still arriving at closing time, said another assistant.

In another Italian designer shop overall turnover for July was up but the number of individual sales had dropped, said one employee.

"We have made fewer sales but for sums that were often very considerable,” she said.

“One customer left with items worth more than 50,000 euros," she added.

The only people still spending big in the French Riviera resort, she added, were those for whom there was virtually no limit.

The owner of a taxi-boat service which transports people to and from their yachts, Guy Chevalier, said: “We are easily at a third of last year's business, there are far fewer people coming to Saint Tropez just to anchor for the evening.

"Yachts of more than 40 metres belonging to the super rich are still there, but with the 15 to 35 metre yachts, there is a very big drop in numbers."

According to port director Herve Le Fauconnier the number of visiting boats is down by a half on last year.

"This summer an average of 30 boats are anchored compared to some 60 in previous years," he said.

Hotel staff also report that city types are spending their days keeping track of the stock markets rather than relaxing.

"I have never seen this, before our clients came here for a total break. This year they are at their computers from 8.00," said one worker at the four-star Yacca hotel.

Photo:prosto photos