Sluggish July sales show tight-fisted consumers!
NEW YORK - August 6, 2009 - Shoppers worried about job security and finding fewer options among the sales bins remained tight-fisted in July, resulting in sluggish sales for many merchants and raising concern about the back-to-school shopping season's health.
As merchants reported their sales figures Thursday, mall-based chains continue to be hit hardest as consumers focus on necessities. Among the disappointments were Macy's Inc. and teen retailers Abercrombie & Fitch Co. and Wet Seal Inc.
Among the few bright spots was discounter TJX Cos., operator of the T.J. Maxx and Marshalls chains, which reported a sales gain that exceeded Wall Street estimates.
“The consumer is stressed and depressed,” said Ken Perkins, president of retail consulting firm Retail Metrics. “Back-to-school shopping season is going to be very late.”
Perkins added that jobs are “everything right now,” and if the pace of job losses continues to slow, consumers will start to feel better.
As merchants reported their sales figures Thursday, mall-based chains continue to be hit hardest as consumers focus on necessities. Among the disappointments were Macy's Inc. and teen retailers Abercrombie & Fitch Co. and Wet Seal Inc.
Among the few bright spots was discounter TJX Cos., operator of the T.J. Maxx and Marshalls chains, which reported a sales gain that exceeded Wall Street estimates.
“The consumer is stressed and depressed,” said Ken Perkins, president of retail consulting firm Retail Metrics. “Back-to-school shopping season is going to be very late.”
Perkins added that jobs are “everything right now,” and if the pace of job losses continues to slow, consumers will start to feel better.
