Retailers Report Sluggish October Sales
By ANNE D'INNOCENZIO,AP
Posted: 2007-11-08 11:11:34
NEW YORK (AP) - The outlook for the holiday shopping season grew bleaker Thursday after retailers announced disappointing October sales results due to consumers' ongoing worries about housing and higher energy prices.
The downbeat news came from all sectors including mall-based apparel stores like Limited Brands Inc. and department stores like Macy's Inc. Even upscale Nordstrom Inc. posted a rare sales decline while Wal-Mart Stores Inc., the world's largest retailer, posted sales below expectations despite its aggressive discounting heading into the holidays.
Warehouse club operators including Costco Wholesale Corp. and BJ's Wholesale Club Inc. were among the few standouts, a sign that consumers are searching for lower prices.
"Overall, the sales trend continues to slow," said Ken Perkins, president of RetailMetrics LLC, a research company in Swampscott, Mass. "I think the consumer is certainly feeling the (economic) pressure heading into the holidays."
Milder than normal weather also hurt sales, wiping out consumers' appetite for winter wear.
The International Council of Shopping Centers-UBS tally was up 1.6 percent in October, below the original 2.5 percent forecast, marking the slowest October pace since 1995. The tally is based on same-store sales, or sales at stores open at least a year, considered a key indicator of a retailer's health.
2007-11-08 17:59:07 · 4 answers · asked by marnefirstinfantry 5 in News & Events ➔ Current Events
Yes, I am going to hold back a bit more this holiday season.
1) I'm ticked off that holiday stuff has been shoved down our throats since October.
2) The economic outlook.
3) I don't enjoy shopping anymore. The crowds, the nominal customer service, the loud background music, parking, picking through all sorts of ridiculous merchandise, etc.
I'm also disgusted w/ the pressure on consumers to buy, buy, buy. How much stuff do people need? Economists expect us to buy more & more to keep the economy going.
2007-11-08 18:20:25 · answer #1 · answered by Treadstone 7 · 0⤊ 0⤋
You must be prudent to utilize your money in the best ways for buying and spending holidays in the worst days of recession in economy!
2007-11-09 02:27:03 · answer #2 · answered by anjana 6 · 0⤊ 0⤋
I am considering making more gifts this year, if I have the time. I think they will be more personal and meaningful than anything I could buy.
But that's only if I have time.
2007-11-09 02:20:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
no way, I want to be on good terms with the ghost of Christmas presents
2007-11-09 21:45:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋