Sales continue to drop in March, as consumers show that they are not ready to spend the money. The American public is still not confident in the economy, and the fear of a worsening recession has affected their trust.
On the other hand, some stores have had an increase in sales. The stores that appeal the middle and lower classes have seen a new region of consumers come to their doors. Chains like Wall-Mart (1.4% increase), discount stores like TJX and Ross, as well as others.
But most retailers have suffered a sales decline. Abercrombie & Fitch was the most notable with a stunning 37 % drop in sales.
Specialty retailers in malls are still struggling, too, including Zumiez (down 17.9 percent), American Eagle Outfitters (down 16 percent), Wet Seal (down 11.4 percent), American Apparel (down 11 percent), Gap (down 8 percent) and Limited Brands (down 9 percent). Sales declined 2 percent at the Children’s Place.
Now, we can only wait to see the stimulus package work, and hope that Americans will once again start to spend some money.
On the other hand, some stores have had an increase in sales. The stores that appeal the middle and lower classes have seen a new region of consumers come to their doors. Chains like Wall-Mart (1.4% increase), discount stores like TJX and Ross, as well as others.
But most retailers have suffered a sales decline. Abercrombie & Fitch was the most notable with a stunning 37 % drop in sales.
Specialty retailers in malls are still struggling, too, including Zumiez (down 17.9 percent), American Eagle Outfitters (down 16 percent), Wet Seal (down 11.4 percent), American Apparel (down 11 percent), Gap (down 8 percent) and Limited Brands (down 9 percent). Sales declined 2 percent at the Children’s Place.
Now, we can only wait to see the stimulus package work, and hope that Americans will once again start to spend some money.
1 comment:
I think it's interesting that Wet Seal is down 11.5 % since the Wet Seal in our Hillsdale Mall moved out over a year ago, presumably because of the high rent of the location.
I heard from a friend who's dad works at the mall that there were rumors that if Macy's and Norstrom didn't get more sales and they were going to have to move out of the mall because they wouldn't be able to pay rent either, and since those are two of Hillsdales biggest stores they might close the mall... yikes.. I hope that doesn't happen...
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