Glum Season!
No holiday cheer for the commercialized Christmas sector. No worries, nothing a bailout can’t fix! WSJ first:
Price-slashing failed to rescue a bleak holiday season for beleaguered retailers, as sales plunged across most categories on shrinking consumer spending, according to new data released Thursday.
Despite a flurry of last-minute shoppers lured by the deep discounts, total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.’s SpendingPulse unit.
Hey, I did my bit. And if what they say is true I might go back for more.
Luxury retailer Neiman Marcus Group Inc.’s namesake department-store chain posted its online after-Christmas sale on Tuesday, with the message: “Savings so good, we couldn’t wait!” and offered 40% off already reduced merchandise. Two weeks ago, Neiman’s reported its net profit dropped 84% for its fiscal first quarter as affluent shoppers cut way back on discretionary purchases.
J.C. Penney Co. is offering free wake-up calls to rouse department-store shoppers at 5:30 a.m. Friday. From the time the store opens until 1 p.m., the stores will offer 100 “doorbuster” deals, twice as many as last year, including 50% off Ralph Lauren-designed American Living sportswear line, 70% off gold and sterling-silver jewelry and juniors holiday sweaters for $9.99.
Hard to cheer bad economic news, even if it’s sucking some of the commercialism out of Christmas. But it sounds like everything’s going to be priced about what it is actually worth.
OK, moving on, nere, with a nod to Malkin, is the retailer bailout bid. CNN:
NEW YORK (CNNMoney.com) — Facing a disastrous holiday shopping season, the retail industry on Tuesday urged President-elect Barack Obama to incorporate three national tax-free shopping holidays in 2009.
The group wants the measure to be included in Obama’s stimulus efforts.
“The situation is critical,” the National Retail Federation (NRF) wrote in a letter to Obama. “In October, consumer confidence was at its lowest level in the 41 years. We urge you to act quickly on legislation to help stimulate consumer spending as one of the first priorities of your new administration,” the NRF said.
Welcome RCP, etal. 2008 was full of news, good and bad, though sometimes you had to read between the lines to get it. Cheer up, 2009’s just around the corner. I predict wonderful things.
Posted by Jules Crittenden at 8:41 am Comments (1) on Friday, December 26, 2008
One Response to “Glum Season!”
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December 26th, 2008 at 11:42 am
Well, there’s one positive side to the winter storms…..I delayed my trips, and hence my shopping, until after Christmas.