Posted on 01/12/2013 8:21:08 AM PST by lowbridge
Christmas season was a disappointment. GDP growth is slowing. Taxes are going up. What’s the retail industry to do? There’s really only one choice: close more stores.
Through the first nine months of 2012, closings were up 25% over the same period from the prior year (fourth quarter numbers aren’t available just yet). And Howard Davidowitz, chairman of retail banker and consultant Davidowitz & Associates, expects roughly the same pace of closings in 2013.
“The consumer is 70% of GDP. If growth is decelerating, how are you going to have (retail) growth? You’re not, you’re going to go on closing stores,” he says.
For the healthy and unhealthy alike, store closings are part of the landscape. And probably will be at least a little while longer. Start with those retailers that are sliding away altogether. Fashion Bug, the discount women’s apparel chain whose parent, Charming Shoppes, was recently bought by Ascena Retail Group, announced it will shut down all 600 stores.
(Excerpt) Read more at shopping.yahoo.com ...
That is the type of place I could happily get lost in! (and lose some hard-earned cash in, too)
As has been said many times, “Been there, done that!” (it’s close to where Mom and Dad used to live)
Since the mothers have to work if for no other reason in a nuclear family, to pay the taxes, who has the time to spend walking around a mall? In our county the malls are closing and strip malls are being built like crazy. I know I don’t want to take two or three hours of my time, finding a place to park, walking 1 mile just for one item.
Yes, that’s a good point. I don’t like them myself, and only end up going there if I absolutely have to.
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