Word: retailer
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Stores have to figure out how to tap into this recalibrated value system--one based on caution rather than the branded excess of Christmas past. "The American consumer is trading downward in the most dramatic fashion ever seen," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail-consulting firm. What's more, the thrift mind-set has seeped into all income levels. Saks Fifth Avenue, for instance, had a 16.6% drop in sales in October. "Saving is cool right now," says Candace Corlett, president of WSL. "Conspicuous consumption is out, and people have lost their passion to buy." (See pictures...
That's bad news for retailers, which traditionally get up to 40% of their annual revenue from holiday shopping. Still, there are some bright spots. The Internet should outdo the sidewalk: online retail sales this holiday season are expected to grow 12% over last year, to $44 billion, predicts Forrester Research. And discount chains like TJ Maxx, Wal-Mart, Costco and BJ's Wholesale Club should see strong sales as they hammer away at prices. BJ's third-quarter merchandise comparable sales were up 7% vs. 2007's. "Our position is serving us well in this economic environment," says Laura...
...success for most retailers will be managing inventory and staff levels smartly--these are the few areas where stores can make significant adjustments. Because of the steady sales decline over the year, most shops had trimmed inventory levels at least 10%, conserving cash. Many stores have gone further, lowering inventory levels as much as 18%, says Cohen. That's nearing the danger zone. "If they cut any more, they won't have enough to even come close to making their number," he says. "They have to sell enough to pay the electric bill." Likewise, retailers are ratcheting down staffing. College...
...there is going to be a Christmas. Americans buy gifts even in trying times. How much they'll spend remains the big question. Says Bill Martin, a co-founder of ShopperTrak, a retail-information company: "Consumers are going to want to have their Christmas this year with all the bad news they...
...Retail sales are also softening. Raphael le Masne, executive chairman of Shanghai Tang, says that the high-end fashion retailer began to experience modest declines in sales from early October, especially due to fewer high-spending tourists and travelers in the city. On some days in November, Shanghai Tang's boutiques in the ritzy Central district generated half the sales they had one year ago. "Things are deteriorating by the day," le Masne says...