Retailers See Sales Drop in Dreary November

Retailers See Sales Drop in Dreary November

news.yahoo.com

With financially squeezed shoppers holding out for even better deals or are simply already done, retailers who are already offering deep discounts will likely be forced to be even more aggressive as they lurch through a season looking to be the weakest in at least 30 years.

Worries about the holiday season increased Thursday after many retailers — with Wal-Mart the notable exception — reported November sales so dismal it was the industry's worst month since at least 1969. The malaise cut across all sectors as shoppers worried about layoffs and shrinking retirement funds and focused on necessities.

"It's an awful beginning to the holiday season," said Michael P. Niemira, chief economist at the International Council of Shopping Centers. "This is going to be a difficult holiday season for most retailers. There are going to be more bankruptcies." He predicted that the retrenchment in spending will linger for at least another six months.

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LOL, didn't I just see a couple of threads on BAN recently that were talking about how rosey sales were and how the economy wasn't as bad as many of the "ATS doomer-and-gloomers make it out to be"?

I guess maybe some of these folks may need to tell all these retailers that they're doom-and-gloomists as well, and that they are exaggerating too.

It's not really the retail industry's worst year since 1969, you bunch of alarmists, stop saying the sky is falling. Everything is going great.

>end sarcasm<



news.yahoo.com
(visit the link for the full news article)

[edit on 4-12-2008 by DimensionalDetective]

well said my friend!

I've really toned things down in the last few years personally when it comes to christmas. One toy for the kids in the family (I have none, nor am I married)... and that's about it.

If my direct family absolutely needs something, then I will purchase that too.

Once you see the Bull crap, you can't keep buying into it. I used to go crazy and spend a couple of g's on all sorts of crap... for everyone!

I was at one of the larger local malls today in my area, and you could tell it's a dreary one. Shops we're fully staffed, and I heard remarks amongst co-workers... "man, is it ever dead tonight." The Kids must be on commision.

A quick question OP: I'm guessing that the retail woes of '69 we're cause of the Vietnam War?