Next Up - Christmas Retailer Bailout?
Money for Macy's. Wampum for WalMart. Government will have to use our tax dollars to guarantee profits 'cause this holiday season will be one for the record books, written in red.
Good luck with that "economic recovery". The problem is that businesses are hanging on by their fingernails and need boffo christmas sales to get out of the hole. (Remember Circuit City?) They won't get them. The crash has only been put on hold but the delaying tactics won't be sustained through the holidays. Expect ghost malls by February.
Nervous US retailers brace for critical holiday season
"Approaching a holiday shopping season critical to economic recovery, US retailers are bracing for a difficult period with credit still tight and consumer caution lingering.
Many early projections suggests retail spending in the final two months of 2009 -- a season that accounts for a large proportion of sales and profits -- will be flat or lower.
Consulting group Deloitte expects total holiday sales to be around 810 billion dollars excluding cars and gasoline, unchanged from a year ago."
Good luck with that "economic recovery". The problem is that businesses are hanging on by their fingernails and need boffo christmas sales to get out of the hole. (Remember Circuit City?) They won't get them. The crash has only been put on hold but the delaying tactics won't be sustained through the holidays. Expect ghost malls by February.
Nervous US retailers brace for critical holiday season
"Approaching a holiday shopping season critical to economic recovery, US retailers are bracing for a difficult period with credit still tight and consumer caution lingering.
Many early projections suggests retail spending in the final two months of 2009 -- a season that accounts for a large proportion of sales and profits -- will be flat or lower.
Consulting group Deloitte expects total holiday sales to be around 810 billion dollars excluding cars and gasoline, unchanged from a year ago."
posted by nolocontendere at 9:40 PM
2 Comments:
Nolo-mom took me to get groceries the other day and the damn grocery store had Christmas stuff up already! I still can't believe the idiots who think we have turned the corner on this dep -ooops recession! all we are seeing "recovery" wise is the effect-and slight it has been in many cases of massive infusions of more funny money into the system-toilet paper will be worth more than the buck soon! I hate to be a Cassandra -but if we are not even more severely economically screwed by early 2010 after the non existent Christmas sale purchases by consumers in 09-I am going to start thinking that our govt, the fed -can do magic-seriously-shocked it has lasted this long-best to you as always!!
In the 50s and 60s nobody put xmas decorations up until about a week before Dec 25, home or stores.
In the 90s I started keeping track year to year just how ridiculously early retailers were pushing the Big Season. I stopped paying attention because these days it's totally whacko, but for the record the earliest was Sept 20 in a drugstore in Oregon with a prominent, permanent xmas display, a full 3 months early.
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