Word: pullback
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Amid the gravest economic and financial crisis in decades, the outlook for Christmas was never very bright. Some 54% of Americans polled by market-research firm TNS Retail Forward said they planned to spend less money on Christmas gifts this month than they did one year ago. The pullback is not just hitting middle market retailers, such as Dillards and Macys, but upscale stores like Saks Fifth Ave and Nordstrom as well. Saks, for example, saw same-stores sales decline 11.5% in the third quarter, followed by a 5.2% decrease in November...
...year had prescribed - the E.U. bowed to complaints from poorer nations in Eastern Europe, allowing utilities in those countries to continue getting many of their permits for free. (Environmentalists believe forcing utilities to pay for carbon permits accelerates emissions reductions, but utilities complain about the expense.) The pullback showed that for all of Europe's ambitious goals on climate change, it is hardly united on the issue, with the poorer East far less eager to embrace rapid reductions. That's the same daunting divide the world as a whole faces - and if the E.U. can't stay united, it doesn...
...main effect of Nov. 27's Status of Forces Agreement between Iraq and the U.S. is clear--complete troop withdrawal by the end of 2011. But with that pullback comes the end of immunity from Iraqi law for U.S. contractors. Private-security employees have been looked upon with increasing disfavor since last fall's shooting of more than a dozen Iraqis by Blackwater guards. It is unclear whether U.S. contractors will be held responsible for any past offenses...
Today is Cyber Monday, the day for shoppers to surf the Web for special deals. As more people feel comfortable making purchases online, Web retailers expect to draw a rising share of holiday purchases. But with the credit crunch and financial meltdown contributing to the massive pullback in spending, will Cyber Monday be an Internet boom or bust? "I would say bust," says Jon Vincent, founder of BlackFriday.info, an online-deal site. Analyst Ken Cassar of Nielsen Online is little more optimistic. "Cyber Monday will likely be disappointing," he says...
...with 23.1 last year. Almost seven in 10 said they intend to change their shopping behavior because of the economy; 81% say they plan to buy more sale items. "Over the last few holiday seasons consumers would buy for themselves too as they shopped, but there will be a pullback on this," says Janiak from Deloitte. The good news: those who received a federal government stimulus check over the summer said that, on average, 20% of that money remains unspent, meaning it's available for holiday shopping...