Kurt Barnard
Kurt Barnard
cash clients continue continued february half marked retail sales sore spending stood stronger telling year
February sales were very strong, stronger than anticipated in many instances. I will tell you that if you were a retailer in February and did not do very well, you stood out like a sore thumb. We're telling our clients that the first half of this year will continue to be marked by continued strong spending at the retail cash register.
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There's no question it's been very anemic. Now the big question is, will the bargain hunt continue into the next 16 to 17 days before Christmas, or will consumers just simply go shopping?
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There has been, and continues to be, a strong shift of consumer spending away from traditional department stores and specialty stores over to discount stores.
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This trend is going to be with us for the foreseeable future. Growth will continue and will be very strong, but it will be more moderate than it was last year, ... Make no mistake about it - this growth will continue. Consumer spending will continue to grow, but it's not going to suddenly stop or go back. It will continue at a more reasonable pace.
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Consumers in October continued on a buying spree, propelled by a very robust economy, ... Many came through with better figures than last year, even though last year the numbers were also very good.
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Consumers have been and continue to be on a spending spree and that has benefited most retailers, ... The universe has been very retail friendly.
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Consumers are already concerned that the labor market continues to lag behind an economic recovery. They don't really need another negative distraction.
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It's going to continue on this level for some time. Maybe if the weather really improves, we'll find a little pop to retail sales, but even if it does improve, there will still be the contraction in the economy.
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Americans have become very cautious spenders, and that was extremely evident in May. Retail sales will continue to advance, but very slowly, very cautiously.
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High-end stores depend on continued spending from clients that over the past four years have amassed considerable wealth. Sales at upscale stores like Saks and Neiman Marcus are also going strong because the stock market has been very customer friendly to this group.
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If demand should continue to plummet, a lot of retailers will find themselves with too much inventory on hand despite their course of caution. A lot of retailers are cutting back on inventories, canceling orders, in virtually every single area of retail.
gap time
What the Gap is doing is not only what it must be doing, but what it should have done a long time ago.
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What's happening is very simple. The numbers we saw today are clear evidence that the American public is shell-shocked to the point of being frightened over a big long list of circumstances surrounding the economy over which they have no power, no control.
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The worst part of these results is that they show that the effect of the tax rebate checks has petered out. This is a nightmare in itself for retailers and it doesn't bode well for Christmas. Also, we'll probably see more markdowns now, more than retailers anticipated for the holidays. That will hurt their bottom line.