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November 06, 2008

As Expected, October Retail Sales Tank

And I don't see it getting any better any time soon

NEW YORK (AP) - The nation's retailers saw their sales plummet last month to the weakest October level since at least 1969, as the financial crisis and mounting layoffs left shoppers too scared to shop.

The stunning and rare drop, from an already weak September, is further darkening the outlook for the holiday season and raising more concerns about the financial health of the industry, which is not expected to see a recovery until at least the second half of 2009.

A number of stores, including J.C. Penney Co. and Nordstrom Inc., cut their profit outlooks as they slashed prices on everything from coats to holiday ornaments in a desperate bid to pull in shoppers. Analysts expect a do-or-die holiday season for more retailers, which have already seen competitors like Mervyns LLC and Linens 'N Things forced to liquidate.

I'm sure not planning on spending any where near what I've spent in the past (well, outside of libations, obviously). But I will make damn sure to spend much more time with good friends.

Posted by Mr. Bingley at November 6, 2008 12:21 PM

Comments

Coming up to 2 pm. and everything is down four percent or better.

Last Saturday I did my duty and took my mother shopping, sales prices of course. The parking lots were reasonably busy and the cashiers said they'd been steady all morning. Based on a sample of three stores I will draw the sweeping generalization that to get people to spend this season merchants have to offer sale prices and they seem to understand that.

Pity the liquor store never seems to get the message in a meaningful way, though.

Posted by: Retread at November 6, 2008 01:54 PM

That's because, like Bingley, we have our priorities straight. If we all quit drinking, that's when I'd really get worried.

Not to mention that the good folks here and here need to feed their families. It's for the children!

Posted by: Dave E. at November 6, 2008 03:27 PM