Word: retailing
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...worst of times for the restaurant industry, it's the best of times for McDonald's," says Burt Flickinger III, managing director of the Strategic Resources Group, a retail-consulting company. McDonald's reported global same-store-sales growth throughout 2008 - and in November, global sales rose 7.7% over 2007 (sales jumped 4.5% in the U.S.). In fact, the company's sales have increased for 55 straight months. Profits grew 11%, to $1.2 billion, in the third quarter of 2008 (the company will report its fourth-quarter results on Jan. 26). McDonald's and Walmart were the only two companies...
...Because most of the money earmarked to come from the government into the financial and credit system will not arrive until the second half of the year, unemployment may well be over 9% before aid can support job creation. The retail industry is bleeding jobs. Circuit City has just liquidated, leaving 30,000 people out of work. Unless these newly and soon-to-be unemployed have special skills that will allow them to work in areas other than retail, the economy has no place to employ them...
Drake's Discount. Retail numbers are dismal and getting worse, so if you want to help give the economy a boost, check out the "Shop Til You Drop" promotion at Chicago's Drake Hotel: Get a $75 Bloomingdale's gift card, as well as 15% off purchases all day. Rates start at $215 per night; through March 31. 140 East Walton Place...
...Washington Unemployment Soars With more than 500,000 cuts in November and December, the U.S. lost 2.6 million jobs in 2008, led by layoffs in manufacturing, construction and retail. It was the highest figure since 1945. Unemployment stood at 7.2%, with 11.1 million Americans out of work. Financial markets around the world tumbled after the news--viewed as another sign that the U.S. recession appeared no closer to ending--while President-elect Barack Obama said he would move quickly after taking office to pass a stimulus plan...
...Weill's dream, pared down, will have more "focus." According to the Wall Street Journal, "The company plans to focus on wholesale banking for large corporate clients and retail banking for customers in selected markets around the world...