Retailers report collapse in sales, possibly weakest Christmas shopping season in decades

[w¡n9Nµ7 §£@¥€r 123]

Sales at the nation’s largest retailers fell off a cliff in October, casting fresh doubt on the survival of some chains and signaling that this will probably be the weakest Christmas shopping season in decades.

The remarkable slowdown hit luxury chains that sell $5,000 designer dresses as badly as stores that offer $18 packs of underwear, suggesting that consumers at all income levels are snapping their wallets shut.

Sales at Neiman Marcus, the luxury department store, dropped nearly 28 percent in October compared with the same month last year. Sales fell 20 percent at Abercrombie & Fitch, nearly 17 percent at Saks, 16 percent at Gap and nearly that much at Nordstrom.

Of the more than two dozen major retailers that reported on Thursday, most had sales declines at stores open at least a year, the majority of the decreases in double digits. Deep discounters like Wal-Mart and BJ’s Wholesale Club reported gains.

Consumer spending represents two-thirds of the nation’s economic activity, and analysts said the striking sales declines at retailers almost certainly portended an extended, severe recession.

...

Only a few months ago, retailers thought they were prepared for the economic slowdown. They cut inventories in anticipation of weak back-to-school sales. But to their shock, sales declines reached double-digits in September, only to get worse in October.

The result? Retailers have too much fall merchandise still on their shelves, even as Christmas merchandise is starting to arrive.

http://www.nytimes.com/2008/11/07/business/07retail.html

[alienlovechild 75]

Of the more than two dozen major retailers that reported on Thursday, most had sales declines at stores open at least a year, the majority of the decreases in double digits. Deep discounters like Wal-Mart and BJ’s Wholesale Club reported gains

Apparently Palin's high-end outfits weren't enough to outset sluggish sales. Expect most of Obama's tax cuts to go to China via Wal-Mart.

[Ban Hammer 14,584]

and maybe less crowds while christmas shopping.

[Peikko 1,575]

So, is Walmart unamerican Alien?

[SpiritAlight 1]

Was listening to this news on NPR yesterday.

Wah wah...what do people expect, that money should be handed to car manufacturers that refuse to bring the economical (smaller and gas saving) models they sell only in Europe and insist on peddling gigantic SUVs? Screw 'em.

If more tax payers' money goes to companies like this I hope the people will revolt.

(That was part of the story on NPR about the ailing car industry here.)

If you (companies/corporations) cannot adapt you will go the way of the dinosaurs....extinct.

As far as department stores go and their drop in sales, mostly for the higher end type of stores:

well, wake up and smell the recession/depression.

I hope everyone realizes that things do need to change and consumerism was over-indulged in.

Time to stop shopping...unless absolutely necessary.

Yes, I am of the "Adbusters" mentality....have always been.

[w¡n9Nµ7 §£@¥€r 123]

Spirit, you are nutty, in a very delightfully refreshing way

[almaty 19]

sister spirit, is frisky and a joy...

[SpiritAlight 1]

Spirit, you are nutty, in a very delightfully refreshing way

Thank you AJ.

I love you too.

sister spirit, is frisky and a joy...

And more love to you too Almaty!

[dalegg 143]

Time to stop shopping...unless absolutely necessary.

That will help the Recession.

[w¡n9Nµ7 §£@¥€r 123]

Time to stop shopping...unless absolutely necessary.

That will help the Recession.

I am sure Sister Spirit will tell us the recession is good for us like a colon cleansing is good for us....... or something.

[SpiritAlight 1]

Time to stop shopping...unless absolutely necessary.

That will help the Recession.

It's okay.

Deconstruct to reconstruct.

Time to stop shopping...unless absolutely necessary.

That will help the Recession.

I am sure Sister Spirit will tell us the recession is good for us like a colon cleansing is good for us....... or something.

Ouu that's good.

Me likey!

Hahahaha!!!

[alienlovechild 75]

So, is Walmart unamerican Alien?

I've got to shorten my posts to one sentence because there's way too much reading between the lines on my two sentence posts.

[SpiritAlight 1]

Uncomfortable and necessary!

ETA: the colon cleanse metaphor, I mean.

Edited November 7, 2008 by SpiritAlight

[almaty 19]

sister spirit is always positive..i admire that..there are too many grumpy bastards on this site...and doomsday predictors

[*Robert* 2]

Sounds like there will be some really good post-Christmas SALES!!!