Retailers Report a Sales Collapse

[Coventina]

Source: New York Times

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.

(snip)

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. The reports highlighted once again the depth of the economic problems confronting President-elect Barack Obama.



Read more: http://www.nytimes.com/2008/11/07/business/07retail.html?ref=business

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I recommend reading the whole article. It's very frightening.

If your job is secure (whose is?) there are some great deals to be had. $250 diamond earrings for $77, etc.

[Tansy_Gold]

1. But you can't eat diamonds

.

[depakid]

11. The solution to the diamond/water paradox was a hallmark of modern economics

It was called the Marginalist Revolution/

http://en.wikipedia.org/wiki/Paradox_of_valuehttp://en.wikipedia.org/wiki/Paradox_of_value

[krkaufman]

19. link fix

http://en.wikipedia.org/wiki/Paradox_of_value

[ayeshahaqqiqa]

2. It's been that way for a long time around here

Even KMart has been nearly deserted, and there are racks and racks of clothes in season already reduced in prices. Meanwhile, the thrift stores are doing a landoffice business.

[eilen]

12. Word. Our salvation army's lot was full

Kmart had like 6 cars. The mall is deserted and I heard crickets at Sports Authority.

[NRaleighLiberal]

3. "If" indeed. I lost mine in April. We are watching every penny.

[yellowcanine]

4. I talked to a UPS driver today. He said their deliveries are way down.

That means the internets aren't doing as well either.

[Xipe Totec]

5. My wallet is still open

empty, but open.

[gratuitous]

6. Is the election over?

Is it safe to say the economy, thanks to Bush policies slavishly followed by his cronies in Congress, is in the crapper? Gee, it must be sooooo liberating for the Times to finally be able to tell the truth.

[Neshanic]

7. CNBC still connecting dots. People with no money do not buy.

[Speck Tater]

8. No we just need to figure out

how to build a viable economy that is NOT based on rampant, indiscriminate, and unbridled consumerism.

[DJ13]

14. Theres nothing wrong in unbridled consumerism so long as jobs pay enough to support it

Its a shame the Republicans (and our own DLC) never realized that the easiest way to cut government coats of providing social programs is to ensure that jobs paid enough so people wouldnt NEED social programs.

If they had we wouldnt be in this economic mess.

[krkaufman]

20. Well, the fact that ours is a world of finite resources might put a crimp in that theory.

[MercutioATC]

9. That should result in some nice sales before Christmas...

:)

[liberaltrucker]

17. Indeed

For those who still have a $ or 2 to spare.

The rest of us? Not so much.

[MercutioATC]

18. I'm not trying to make light of the situation, just pointing out that Xmas will be less expensive

this year...

[Dems to Win]

10. I walk through a mall frequently. It's been consistently, notably empty for the last 6 weeks.

This news is not a surprise.

[Mari333]

13. I ordered 4 large toys for my grandson for Xmas from Amazon..

They arrived in one day. I didnt order one day delivery. I have this image of people at amazon.com warehouse with absolutely nothing to do. I have never recieved an order so quickly.

[melody]

21. I frequently receive shipments from Amazon in one day

The first time it happened was easily six years ago.

[liberaltrucker]

15. Shit, meet fan

:nopity:

[OhioChick]

16. The economy will continue to collapse

Until people in the U.S. have jobs. Job loss is at astronomical levels.

[demigoddess]

22. job loss is horrendous but also the foreclosures have a lot to do with it.

people who have homes and children are the buyers who support the economy. Do those people in and you will have just what these retailers are complaining about. Low sales. And when those people feel their jobs endangered you have lower sales. It is all their own fault, they bled the american consumer dry and now they have to play the piper.

[Zhade]

23. "BJ’s Wholesale"

Comedy that writes itself!