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Mr. Cantor agreed that the high-end sector is tightening.
The arrival of high-definition television has been a significant factor in pushing up sales in the high-end sector.
"Spending an average of $11 million per club is pretty rich in terms of build-out, even for the high-end sector," he said.
Rapha occupies a position in the high-end sector of the market and there's no denying that its clothing is expensive, but premium fabrics and construction deliver performance and longevity.
In the high-end sector, the marketing slowdown reported in the fourth quarter of 2002 may be reflected in fewer closings and lower prices in the first quarter of 2003.
"We are trying to be the highest quality chocolate at a competitive price in that high-end sector," Ms. Metcalfe said, "sort of the way that Lexus came into the United States market competing against Mercedes and BMW".
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They will discuss whether to cut consumption taxes, deregulate banking and currency markets, and break up state-owned monopolies that have slowed growth in high-end sectors like telecommunications.
"We're expecting there will be a fair amount of softening in occupancy in the high-end sectors," adds Meyer.
The question that arises for these smaller players is whether to become players in all markets or niche players in the high-end sectors in which they have traditionally operated".
At a news conference in June, Mr. Bertelli played down the effects of the American economic slowdown on a saturated high end sector.
Is the real agenda an attack on high-end public sector pensions?
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