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Well I think the market is definitely still around. I don't think people have stopped spending money on luxury items. You only have to take a look at Hermes on Bond St or Louis Vuitton on any day of the week. Maybe as time goes on - less and less people are aware of SAB and the kind of products that they manufacture.
I'm thinking that a lot of their custom must be mail order / internet based as certainly the current state of affairs in the shop cannot generate enough income to sustain what must be an astronomical rental charge for the property on St. James.
I also wonder if they still product equestrian goods? There's certainly none on offer on the website or on display at the store.
I remember when SAB had a store in San Francisco. I used to love going in and getting a wiff of the rich leather scent in the air. Ahhhhhh.
Good luck to them.