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Thursday, December 04, 2008

 

how about that black friday?


the eyes of the economic world have turned to the christmas shopping season as a barometer of just how difficult things really are for the middle class in the united states, and there has been so much spin on early reports that it's difficult to tell what exactly is happening. to my way of thinking, though, this sums up where we are:

Retailers' November same-store sales results have been rather paltry, with few exceptions. Target (TGT) reported comparable sales dropped 10.4%. Macy's (M) reported a 13.3% drop in comparables. Nordstrom (JWN) saw same-store sales slide 15.9%. Kohl's (KSS) reported a 17.5% slump in comparables. JC Penney (JCP) posted a drop of 11.9% in same-store sales. TJX Companies (TJX) reported a 12.0% drop in same-store sales. Meanwhile, BJ's Wholesale (BJ) saw same-store sales increase 6.2%. Wal-Mart (WMT) reported a 3.4% increase in comparables.


upscale is getting hammered; midscale is getting hammered; discount is benefitting. anecdotally, i must admit, for the first time in a very long time my family bought some things from wal-mart this week. i'd never been in one of my own volition before.

calculated risk examines the retail trend, but notes that the next few weeks really tell all.

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