Those who cater to the high-end luxury shoppers in New York don't just have the Christmas season to worry about. They are now waiting to see how the Wall Street bonuses will be spent. Bonuses seem to be down so far this year, a tough one in which many banks cut jobs as they dealt with losses caused by fallout from the subprime mortgage market. Reuters say that headhunters have reported that payouts for some of the most successful fixed income traders this year were flat to down 5 percent and some were down 10 percent to 20 percent.

This could be bad news for the real estate and art markets as well as luxury retailers including jewelers and auto dealers. Even those who did get a healthy bonus may not be in a shopping mood. Many in financial services are also fretting over job security and may put their bonus money into savings rather than celebratory spending.

We've been watching as super stores like Wal-Mart and Costco have inched their way toward the posh. Now  Wal-Mart has taken a big step opening up a palace of luxe in Plano, Texas. The new store will offer high-end electronics,  fine jewelry and gourmet food and wine. The Houston Chronicle quotes a study that says nearly half of American families shop at Wal-Mart at least once a week. With market saturation reaching its peak, the retail giant is hoping to court the upscale consumers. The store may also help Wal-Mart land vendors who have turned their up their noses at being associated with the brand. The new store is larger than the traditional Supercenter but the exterior is two-tone brick and inside their are wood floors and wide aisles with lower shelves. And no blue smocks! The first store is located in an area where there is also a SuperTarget and a Costco giving Wal-Mart a chance to try out the concept against their biggest competition.