many Retailers in Big Trouble........

[FinanceDude]

The LAST sentence of paragraph 5 is priceless:

http://finance.yahoo.com/family-home/article/106466/Where-You-Won't-Shop-in-2009

here's the quote:

"I don't think we will live the same way for 10 years," says Howard Davidowitz, chairman of New York-based retail consultant and investment bank Davidowitz & Associates. "People are so scared they're starting to save."

 

[bbbamI]

"People are so scared they're starting to save."

Ohhhhh....the horror!

 

[ziggy29]

Ohhhhh....the horror!

I think just about everyone agrees that in the long run, changing consumer behavior to spend less, borrow less and save more is a positive development.

The problem is that we've stopped a speeding freight train by slamming it into a brick wall rather than with a gradual application of the brakes.

Ideally the "velocity of money" would slowly but surely decrease to avoid an economic shock, but it has come screeching to a halt more quickly than is good for the economy.

 

[bbbamI]

I guess my point is, anyone that has to be "scared" into saving horrifies me.

 

[W2R]

That article is sure depressing! They mention Sears/K-Mart, Eddie Bauer, Zales, and Sprint as possibly going under next, now that Circuit City, Linens'N'Things, and Mervyns are closing.

FOOEY!!!

Figures. I'm about to retire and will soon have plenty of TIME to shop, so now all the good stores are closing. I really don't enjoy fighting my way through Wally World that much.

 

[MichaelB]

I disagree

There are four things you can always count on here in the good old USA

Mom
Apple Pie
People spending money
Stores everywhere

Things look grim now, but as soon as there is a whiff of recovery they're going to build more malls and open more stores and there will be more sales. I think people will put off their retirement if need be, if that lets them buy more stuff today.

10 years saving and not spending? Hardly.

People will need to dragged kicking and screaming to save, and even then they will only save the minimum and do so when absolutely necessary. This is the defining characteristic that separates US from Europe (not UK) - they prefer to work less and spend less, we much prefer to work more to spend more.

Spending and having and buying and shopping is part of the cultural fabric of this society and this little recession (well, maybe not so little) ain't gonna change that.

Michael

 

[barbarus]

The problem is that we've stopped a speeding freight train by slamming it into a brick wall rather than with a gradual application of the brakes.

Some of us were urging that the train never be allowed to go up to such a ruinous velocity in the first place.

A little pain spread over, say, the last decade, would have been vastly preferable to the disaster we're facing now.



I'm going to miss Circuit City and probably Sears too.

Any of you kids remember Montgomery Wards?

 

[JPatrick]

Any of you kids remember Montgomery Wards?

I thought it was Monkey Wards

 

[Zoocat]

Oh no! Not Eddie Bauer! I also read that J.Jill is for sale and likely to close. Those are the only stores I shop. I guess I won't be updating my wardrobe much in the future. Oh well.

Also, on the topic of Americans being hard wired to shop. Never underestimate the phenomenon of cultural change. My example -- look at the changes that happened from the 1950s through the 1960s! Mind boggling! We are in a similar cultural/financial upheaval.

 

[Moemg]

Oh no! Not Eddie Bauer! I also read that J.Jill is for sale and likely to close. Those are the only stores I shop. I guess I won't be updating my wardrobe much in the future. Oh well.

.

Say it isn't so . JJill has my favorite clothes . They are the only store I have found that caries great clothes for mature but still hip women . I'm going to have to stock up before they close .

 

[travelover]

I stopped into the local Circuit City store today. There was a big sign outside trumpeting their going out of business sale. Inside stuff was just 10 to 30 % off, mostly 10%. Back to Craigslist.

 

[ziggy29]

I stopped into the local Circuit City store today. There was a big sign outside trumpeting their going out of business sale. Inside stuff was just 10 to 30 % off, mostly 10%. Back to Craigslist.

And some of the stuff probably had its "regular price" hiked before taking the discount.

 

[OAG]

And some of the stuff probably had its "regular price" hiked before taking the discount.

You got it right! This is a pretty clear article: 'Out-of-business' sales: What really happens - Jan. 23, 2009

 

[Bestwifeever]

Good point! Ladies, let's get us to J Jill --the sales today will be better BEFORE the store declares bankruptcy!

 

[freebird5825]

...and probably Sears too.
Any of you kids remember Montgomery Wards?

We just bought a toolchest/drawer top set and full mechanic's tool set from Sears. I hope they survive. Craftsmen tools rule!
I worked for Montgomery Wards as a small engine mechanic, then as a hardware and paint dept clerk, right out of college in 1980. They were the only store who would hire me, an out of towner. I missed them greatly when they closed up shop years later.

 

[Moemg]

Good point! Ladies, let's get us to J Jill --the sales today will be better BEFORE the store declares bankruptcy!

I'm going on a jaunt next Tuesday to the JJill store in St. Pete .. I'll get to try out my new gps and stock up . I love their knot button shirts ,the crossover tees and the relaxed cardigans .

 

[Zoocat]

I'm going on a jaunt next Tuesday to the JJill store in St. Pete .. I'll get to try out my new gps and stock up . I love their knot button shirts ,the crossover tees and the relaxed cardigans .

Around Christmas I bought two sweaters at 40% off the sale price! Don't be fooled by the sale prices at the online site. They're still too high. Happy shopping!

 

[Amethyst]

Oldbabe wrote...Around Christmas I bought two sweaters at 40% off the sale price! Don't be fooled by the sale prices at the online site. They're still too high. Happy shopping!

I agree with Oldbabe....went shopping at T'giving and after Christmas and was NOT impressed by the "bargains" in any of the stores. I make some of my clothing--get a much better fit that way, and can use better fabric, cool buttons and trims, etc.

By the way, Oldbabe, is your avatar a picture of you? The lady really rocks white hair!

Amethyst

 

[JOHNNIE36]

One thing you can count on in this economic nightmare is that there will be more people out there trying to take your money--by hook or by crook. Just read the other day about how the crime rate has risen. More people are carrying guns for protection. Be on guard, whereever you go.

 

[W2R]

One thing you can count on in this economic nightmare is that there will be more people out there trying to take your money--by hook or by crook. Just read the other day about how the crime rate has risen. More people are carrying guns for protection. Be on guard, whereever you go.

Guns have always been very common in New Orleans. Interestingly, local gun stores say that their sales have been up.

There's something for people to invest in - - firearms manufacturers.

 

[W2R]

I agree with Oldbabe....went shopping at T'giving and after Christmas and was NOT impressed by the "bargains" in any of the stores.

You too? I had the same feeling about a lot of the Christmas sales this year. Many items didn't seem to be any cheaper than they were in September, even if advertised at 70% off.

 

[haha]

You too? I had the same feeling about a lot of the Christmas sales this year. Many items didn't seem to be any cheaper than they were in September, even if advertised at 70% off.

I bought 2 beautiful cashmere sweaters at Macy's for $80 -$40 a sweater. I spent that or more 50 years ago for a nice cashmere sweater. My brother bought an excellent black cashmere coat for $200.

OTOH I tried on an Armani suit Thursday in Nordstrom-$1995. I was so beautiful I almost kissed myself but $2000 is kind of high. especially after this last year.

Ha

 

[Danny]

I bought 2 beautiful cashmere sweaters at Macy's for $80 -$40 a sweater. I spent that or more 50 years ago for a nice cashmere sweater. My brother bought an excellent black cashmere coat for $200.

OTOH I tried on an Armani suit Thursday in Nordstrom-$1995. I was so beautiful I almost kissed myself but $2000 is kind of high. especially after this last year.

Ha

I caught myself standing staring at Hart Schaffner Marx ($1250 or so I think) suits when I was in Charleston a few months ago trying to justify owning a few - since I have no appropriate place to wear it anymore maybe I should run for office or I could wear it when I get my car serviced maybe I'll be called Mr. then...hhmmm I think that could be the solution to my Mr. problem.

 

[Helen]

Retail stores aren't the only ones in trouble. My partner and I went to dinner last night; we had a gift certificate that was about to expire. She called to make a reservation and they laughed and said we wouldn't need one.

They were right. When we left, around 6:30pm there was still hardly anyone there or anyone in the resturant a block away. Two years ago, both resturants would have been packed.

 

[Walt34]

Any of you kids remember Montgomery Wards?

Yes indeedy. They were the ones who taught me (via my spendy father) about the evils of credit card debt. He had a Wards cc and used it often, to the point where my mother went back to work to pay it off. She didn't get a job solely for that reason but it was the prime motivator. It took about five or six years to pay it all off.

I was about 13 at the time and remember the lesson well.