Retail Sales Plummet

Wall Street Journal ^ | DECEMBER 26, 2008 | ANN ZIMMERMAN, JENNIFER SARANOW and MIGUEL BUSTILLO

[An Old Man]

Price-slashing failed to rescue a bleak holiday season for beleaguered retailers, as sales plunged across most categories on shrinking consumer spending, according to new data released Thursday.

Despite a flurry of last-minute shoppers lured by the deep discounts, total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.'s SpendingPulse unit.

[easternsky]

Mode- o- day ,W.t.Grant,Woolworth, Hartfields, Gallenkamps,Grodins, Capwells, Wienstocks,Kinney's shoes, Thom McCanns, If I continue it will date me even more. I just remember going into these with my Mother at Christmas time.

[Graymatter]

When the values go up, up, up,
And the prices go down, down, down.
Robert Hall this season
Will show you the reason
High quality! Economy!

[Comparative Advantage]

Midwest (Columbus Ohio):

Woolco - Dept Store
Ontario - Dept Store
Service Merchandise
Big Bear (”Get a Big Bear hug”) - Grocer
Rinks - Dept Store

[Graymatter]

That’s just about everyone! *sigh*
Well, Bamberger’s. They sold to Macy*s.
It was at 2 Guys that I bought my first phonograph record in 1956.

[TheZMan]

Exactly. $400 Playstation 3s and $1200 LCD TVs are ridiculous.

[Eye of Unk]

Thats the simplicity of economic protest, you need not fear anyone arresting you, you cannot be traced, you are not breaking any laws, and it can be done discretely.

And it does have an effect, at the very least its putting Obama and his co-horts under extreme pressure, we can do it.

I am.

But I still buy ammo.

[KoRn]

"Everyone spent their money on guns. I know my family did."

Same here. We bought some toys for the kids, and that's it. My wife and I set aside the tradition of buying for each other in favor of investing in some hardware. We looked at is as being a 'family investment'. When income tax return season comes back around here in a couple of months, we plan on doing another round of purchases to finish off our long term inventory goals, being mostly ammo and accessories at this point. Having a wife that is also a gun nut totally rocks!! What's funny is you would never know it by looking at her. She's 5'7, weighs 115lb dripping wet, and is all hottie like. However, when you get her out to the range, she's 100% Rambo lol. She's also about as conservative as they come when it comes to politics.

[yawningotter]

It was funny watching one of the local TV stations talking about how packed one local shopping center was, but the video that accompanied the story showed only a handful of people walking around. I used to work out there, and I know what it looks like packed, and today was just another day. Of course, maybe all of the shoppers were over in the hood buying 0bama stuff.

[Comparative Advantage]

Gold Circle is having a big sale.

[An Old Man]

...I resist buying but the absolute minimum, no credit card purchases and I have paid off my bills. ...

You and I are on the same page with but one exception: I always use my credit card to make my purchases!,p> That way, I can keep my cash in an interest bearing account for 30 days, and use other peoples money for the same period. The account is always, without exception, paid of at the end of each month.

---

Do you by chance know my friend Sarah? If so, please pass on my best for the courageous effort she put forth on our behalf last fall.

Thanks,
An Old Man

[elpadre]

“A 5.5 and 8 percent drop is “plunging”? Why does this seem more like a modest decline?”

or adjustment following a runaway growth period in which retailers and auto industry expanded too fast.

home builders overbuilt for the existing need.

bankers tried to force-fit people into homes they couldn't afford, not use - plus they too expanded the number of branches way beyond the needs of a community.(and built bank buildings kings and emperors would love)

perhaps some adjustment will be good for the economy and all of us regular folk!!

[Radagast the Fool]

My local Big Lots has framed Obama posters with “inspirational messages” for $10, marked down from $20.
They can’t seem to be able to get rid of ‘em either.

Yeah, I remember Robert Hall! Also, Jupiter, Kresge, Korvettes(agreed, awesome record dept-$2.99 per album in the late 60’s.)Woolworth, Mott’s, Grant’s, and Bradlees.

[randog]

...the stores like Walmart are not selling.

They sure aren't. Why, I went into the local Wal*Mart last week to buy some coffee early in the morning. One cashier working (about 20-25 employees in the store but only one working a single cash register), and the self-checkout machines were turned off for some reason. I was fourth in line behind two full shopping carts and one other exasperated guy in front of me. I yelled up to the front, "Hey, is this the only lane open?!". The cashier and her supervisor (oh, did I fail to mention that the cashier's supervisor was looking over her shoulder the whole time?) just stared at me, perhaps because I wasn't speaking in Mexican, and then went on with their business. The guy in front of me turned and scowled, "Yes, this is the only checkout lane". I promptly set my coffee on a nearby shelf and walked out.

Fast forward to today: I'm in the same Wal*Mart to buy a small tool box. Couldn't find one, but did find a good price on a diamond-cut paper shredder. Mrs. Randog had been bugging me about replacing the one I absconded with for my shop, so here's my opportunity for some peace. I walked up to the checkout area - 30 lanes for your convenience!! - only to find about 7 of them open and the self-checkout lanes mysteriously closed again. Not seeing an opportunity to get out of the store in 20 minutes or less, I again left my potential purchase on the closest shelf and walked out.

So, EoU, you are correct--Wal*Mart is definitely not selling!

[Eye of Unk]

Sarah does not go out and mingle as much as she used to, I have met her personally once many years ago.

I am glad she is still here in a selfish way, she really is a great governor.

[Enchante]

I’m just waiting for Obama to pay my bills and put gas in my tank.... then I’ll start shopping again! /s

[An Old Man]

You take real good care of that gal! We will have a job opening up for her in a few years.

[patton]

LOL - I had no clue what you guys were on about. Now I get it.

Duh. Mathematicians. I are one.

[marshmallow]

Excellent news.

After the crazy spending of the past few years, there has to be a reduction in spending. This is a return to normality, not an aberration.

Maybe Americans are finally getting it and are realizing that thrift, frugality and prudent financial management are actually virtues which still have relevance even today.

[durasell]

Maybe Americans are finally getting it and are realizing that thrift, frugality and prudent financial management are actually virtues which still have relevance even today.

---

No, Americans are scared and broke.

[hunter112]

A 5.5 and 8 percent drop is “plunging”? Why does this seem more like a modest decline?

That's what my lady and I said when we watched the news tonight. I figure it is the retailers crying a big boo-hoo in preparation for requesting their bailout. "But we employ millions of people in every community in America! If we laid them off, we'd have to cut business hours, and that would make it tough on consumers trying to restart the economy!"

Hey, it works for Detroit...