TOP RETAIL NEWS
Departmental Stores News
Sears to buy back up to $500 million shares
Hoffman Estates, Ill. ( December 17, 2009 ) Sears Holdings Corp. said Thursday that its board approved the repurchase of up to $500 million shares of its common stock.
The new buyback is in addition to $82 million of shares available under an existing repurchase program.
Macy’s to opens 12 stores 24/7 for holiday shopping
New York City ( December 15, 2009 ) For the fourth year running, Macy’s has selected 12 stores to operate on a round-the-clock schedule from Dec. 21 to Dec. 24 to accommodate holiday shoppers.
Additional stores will extend their hours to allow extra shopping time. According to the retailer, beginning on Dec. 21 at 7 a.m., it will open its doors at 12 select stores in the New York/New Jersey metro area, and the greater Washington, D.C., and Philadelphia metro areas for round-the-clock marathon shopping.
Drug Stores News
Rite Aid reports losses in Q3
CAMP HILL , Pa. (Dec. 17) Rite Aid on Thursday posted a net loss of $83.9 million on revenues of $6.4 billion for the third quarter ended Nov. 28. Revenues declined 1.8%, primarily as a result of store closings and a
decline in front-end same-store sales, the chain stated.
Same-store sales for the quarter decreased 0.5%, consisting of a 2.5% decrease on the front end. Both pharmacy same-store sales and the number of prescriptions filled continued to increase by 0.4% and 1.5%, respectively.
Walgreens announces plans for nationwide H1N1 distribution
DEERFIELD , Ill. (Dec. 16) One of the nation’s largest drug store chains will roll out its inoculation efforts to all 50 states by the end of December.
Walgreens announced Wednesday that it already offers the H1N1 vaccine at more than 1,500 Walgreens pharmacies and select Take Care Clinics in 27 states, as well as the District of Columbia. Walgreens and Take Care Clinics had been administering H1N1 vaccine in select markets to only those within the priority groups as outlined by the Centers for Disease Control and Prevention, but as more states, public health departments and local governments now are lifting vaccination restrictions, Walgreens is able to offer H1N1 vaccine to anyone who wants a vaccination and who meets state age requirements, in 27 states.
Walgreens said it continues to work with government agencies in the 23 other U.S. states to receive and distribute H1N1 vaccine, and to serve as a strategic distribution partner in communities nationwide.
CVS/pharmacy, MinuteClinic expands H1N1 services
WOONSOCKET , R.I. (Dec. 16) CVS/pharmacy and its MinuteClinic locations are now offering H1N1 vaccine in 20 states and Washington, D.C., the company announced on Wednesday.
Currently, the vaccine is being offered at select CVS/pharmacy locations in Florida, Georgia, Illinois, Maryland, Missouri, North Carolina, Texas and the District of Columbia and at MinuteClinic locations in Arizona, California, Florida, Georgia, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee and Texas. CVS/pharmacy and MinuteClinic are working with other states and expect the availability of H1N1 vaccine will expand to other areas as supply becomes available.
CVS wins $1B in Texas pension fund contract
New York City ( December 14, 2009 ) CVS Caremark Corp. has won an extension on its contract with the Teacher Retirement System of Texas (TRS), worth about $1 billion, to provide pharmacy benefits for two years, according to a Reuters report.
The contract, which begins Sept. 1, 2010 is valued at $480 million in 2011 and $518 million in 2012. It allows for as many as four optional one-year renewals, the report said.
Apparel Stores News
Former Limited exec joins Burlington Coat Factory board
BURLINGTON , N.J. (Dec. 17) Burlington Coat Factory announced the appointment of Jay Margolis to the company’s board of directors effective Dec. 15. Margolis most recently served as CEO of Limited Corp., where he oversaw operations of Limited Brands’ apparel division (Express and Limited Stores) and was responsible for revamping the product line as well as operations.
Prior to Limited, Margolis served as president, COO and director of Reebok International Ltd. and as CEO and chairman of the board of Esprit de Corporation, USA where he led growth strategies.
Dress Barn raises full year outlook
SUFFERN , N.Y. (Dec. 16) Dress Barn announced, during its Investor Day held at the Grand Hyatt in New York City, increased earnings guidance for its fiscal year ending July 31, 2010.
The company raises its diluted earnings per share guidance for fiscal 2010 in the range of $1.35 to $1.45 compared with its previous earnings guidance of $1.20 to $1.30 per diluted share. This fiscal 2010 increased earnings per share guidance is based on better than expected year to date performance at dressbarn, maurices and Justice stores and other various assumptions.
Jones names CMO
New York City ( December 16, 2009 ) Jones Apparel Group announced that Stacy Lastrina has been promoted to the position of chief marketing officer.
Lastrina, who previously served as executive VP marketing and creative services, will continue to report to Wesley R. Card, president and CEO, Jones Apparel Group.
Report: Saks to cut jobs at NYC flagship
New York City ( December 16, 2009 ) Saks has informed about 116 workers at its flagship Fifth Avenue store that they would lose their jobs by the end of January, the New York Post reported, citing sources.
The job cuts, which are in the cosmetics and fragrance department of the Manhattan store, are part of Saks’ move to let brands such as Chanel, Lancome and Clinique fully staff the counters themselves, the Post said.
Collective Brands makes executive appointment
Topeka, Kan. ( December 15, 2009 ) Collective Brands said Tuesday that it has named John D. Smith as senior VP and general manager of retail for Collective Brands’ performance and lifestyle group.
Smith joined the company in 2005. He previously worked at Target Corp., McKinsey & Co., IBM and General Electric.
Limited Brands CFO to join Progressive board
Mayfield Village, Ohio ( December 15, 2009 ) Auto insurer Progressive Corp. said Monday that Stuart Burgdoerfer, CFO of Limited Brands, has been selected to fill a vacancy on Progressive’s board.
Burgdoerfer, 46, will join the board for a term ending in April 2010.
Saks ends rights plan to prevent takeover
New York City ( December 15, 2009 ) Saks said late Monday that it was ending changes it made to its shareholders rights plan last year when it sought to prevent a potential hostile takeover by Mexican billionaire investor Carlos Slim Helu.
In a statement, Saks CEO Steve Sadove said those steps — referred to in the finance community as a “poison pill” — were no longer necessary because of a change made last month to its revolving credit agreement, which raised a “change-of-control” threshold to 40% from 20%.
Wet Seal chairman retires
Foothill Ranch, Calif. ( December 14, 2009 ) The Wet Seal announced on Monday that chairman Alan Siegel has retired from the company’s board of directors due to personal commitments. The move is effective immediately.
Current board member Harold Kahn, who first joined the board in January 2005, has been named Siegel’s successor as chairman.
Home & Office Improvement Related News
Pier 1 returns to profitability in Q3Pier 1 returns to profitability in Q3
FORT WORTH , Texas (Dec. 17) Pier 1 Imports reported net income of $39 million, or 37 cents per share, for the third quarter, versus a net loss of $37 million, or 41 cents per share, for the same period last year. Without taking into account the effects of the unusual transactions and expenses that were recorded during the third quarter and are more thoroughly discussed below, net income would have been $2 million compared with a loss of $30 million last year.
Total sales for the third quarter increased to $327 million from $301 million in the year-ago quarter. Comparable-store sales during the quarter increased 13.7%.
HD Supply to lay off 350, consolidate 25 branches
Atlanta ( December 17, 2009 ) HD Supply plans to lay off 350 employees and consolidate 25 branches in its continuing effort to stem losses related to the decimated residential and commercial construction industry, according to an Atlanta Journal-Constitution.
Since fourth quarter 2008, the company and former Home Depot division has laid off 4,500 employees nationwide and closed or consolidated 210 branches. The company expects to incur $45 million in costs to reorganize its operations.
Lumber Liquidators names senior VP supply chain
Toano, Va. ( December 17, 2009 ) Lumber Liquidators announced that Glenn Sharpe has joined the company as senior VP supply chain, effective Dec. 14.
Sharpe will oversee the company’s supply chain and logistics operations and initiatives. Sharpe replaces Rick Boucher, who is leaving the company to pursue other interests.
Discount Stores News
Report: Walmart.com aims to dominate online world
New York City (Dec. 17) Walmart.com’s holiday sales are growing two or three times faster than Web sales overall, according to the Associated Press.
At that pace — and with 22% growth so far this year – Wal-Mart says it is coming closer to dominating the Web the way it does cities and towns across the United States. That would mean eventually dethroning online retail leader Amazon.com, whose sales hit $19.17 billion in the 2008 calendar year.
Meijer recognized for achievements in employee wellness
GRAND RAPIDS , Mich. (Dec. 16) A Midwest-based retailer has been awarded for its commitment to keeping employees healthy.
Citing Meijer’s commitment to encouraging healthy lifestyles within its ranks, the retailer was deemed a ‘Fit Friendly Company’ this past year by the American Heart Association. The company was also named one of the ‘Best Employers for Healthy Lifestyles’ by the National Business Group on Health, and was awarded the ‘Most Effective Plan Implementation’ honor by Consumer Directed Health Care Solutions magazine.
Grocery Stores News
Ahold USA to acquire 25 Ukrop’s Super Markets
AMSTERDAM , The Netherlands (Dec. 17) Ahold announced that Giant-Carlisle, a division of Ahold USA, will expand its presence in Virginia by acquiring 25 stores from Ukrop’s Super Markets.
The transaction includes 25 stores, inventory, equipment, lease agreements and one new store location. Furthermore, Giant-Carlisle will hire Ukrop’s store associates. The purchase price is approximately $140 million.
Kroger awards frequent shoppers with free minutes
CINCINNATI (Dec. 15) Kroger announced a first of its kind loyalty program that rewards frequent shoppers with free wireless service using the company’s own wireless phone service, branded i-wireless.
The free minutes rewards program enables customers to earn free airtime on their i-wireless phone, available exclusively at more than 2,200 Kroger stores nationwide, when they purchase groceries at the Kroger family of stores.
Arden Group names new CFO
Los Angeles ( December 15, 2009 ) Arden Group, the parent company of Southern California supermarket chain Gelson’s Markets, announced late Monday it has named Laura Neumann as its new CFO.
Neumann has worked for Arden for more than a decade, most recently as the company’s senior director of financial reporting and compliance. In the absence of a CFO, Neumann handled many of those duties as the principal financial officer of the company since July 2005.
Whole Foods Market offers online coupons
Austin, Texas ( December 14, 2009 ) Whole Foods Market has launched an online coupon program.
WholeFoodsMarket.com/coupons is an extension of its in-store circular, The Whole Deal, which features recipes and tips for saving money and planning meals.
Electronics Stores News
Best Buy appoints new board member
Minneapolis ( December 17, 2009 ) Best Buy Co. has appointed Lisa Caputo to its board of directors, effective immediately.
Caputo, who currently serves as executive VP global marketing and corporate affairs for Citigroup and chairman and CEO of Citi’s Women & Co., was appointed as a Class 1 director with a term expiring in June 2010.
Circuit City to shut down
(Jan. 16) Bankrupt electronics retailer Circuit City said Friday it will close its remaining 567 U.S. stores and sell all its merchandise.
The company said it has 34,000 employees.
Bang & Olufsen opens in Toronto
Toronto ( December 15, 2009 ) Bang & Olufsen, manufacturer of high-end audio and video products, has opened a state-of-the-art showroom in Toronto, Ontario.
The 4,000-sq.-ft. store, designed by Toronto-based interior designer and architect Johnson Chou, features two levels with a mezzanine, and is outfitted with classic and contemporary furniture to provide a true-to-life home-integration showcase.
Philips to host sustainable lighting seminar
Tupelo, Miss. ( December 15, 2009 ) The Philips Day-Brite Lighting Institute announced it will be holding a sustainable lighting design seminar at its LEED (Leadership in Energy and Environmental Design) certified facility in Tupelo, Miss., on Jan. 28 and Jan. 29.
According to Philips, the seminar is designed for owners, facility or energy managers, architects, engineers, lighting designers, end-users and others in the lighting industry that are currently supporting energy initiatives that lead to more environmentally responsible projects.
Best Buy Q3 profit soars, but warns of disappointing Q4
Minneapolis ( December 15, 2009 ) Best Buy Co. said Tuesday its third-quarter profit more than quadrupled, but warned that profits will be lower than expected in the fourth quarter.
Profit for the quarter ended Nov. 28, rose to $227 million, from $52 million in the year-ago period, beating Wall Street estimates. Last year’s results included a charge related to the decline in value in its investment in U.K. retailer Carphone Warehouse.
Restaurant News
McDonald’s to offer free Internet access
Portland, Ore. ( December 16, 2009 ) McDonald’s Corp. plans to offer free wireless Internet access at most of its U.S. fast-food restaurants as a part of a move to become more of a destination spot.
The company has offered Internet access for about five years, but in mid-January it will lift the $2.95 fee it has charged for two hours of Internet access at 11,000 of its 14,000 U.S. locations. There will be no time limit after the fee is lifted.
Dunkin’ Brands names ATM vendor
Cherry Hill, N.J. ( December 15, 2009 ) Access to Money, one of the largest providers and non-bank operators of ATMs in the United States, has been selected by Dunkin’ Brands as one of only two approved vendors to offer ATM machines to its Dunkin’ Donuts network of franchisees.
The ATM program will be available to franchisees in New York and may expand to additional markets in 2010.
Report: Recovery in second half of 2010 for restaurants
New York City ( December 15, 2009 ) The restaurant industry will not begin recovery until the second half of 2010, according to a new forecast from The NPD Group.
Traffic and sales declines will slow during the year’s first half and will turn slightly positive starting in the third quarter, predicts NPD. “And it will take a year after that for the industry to return to where it was prior to the recession,” said Bonnie Riggs, the research group’s restaurant analyst and author of the report, “Restaurant Industry … What to Expect When Economic Recovery Begins.”
Applebee’s opens 2,000th location
New York City ( December 15, 2009 ) Applebee’s Neighborhood Grill and Bar on Monday opened its 2,000th restaurant, a milestone it had aspired to before being acquired in late 2007. The restaurant is located in the Harlem section of Manhattan.
“Applebee’s continues to grow in this tough economic environment,” Mike Archer, president of Applebee’s Services, said in a release. “As we open our 2,000th restaurant, we have a lot of momentum behind our brand, with new menu offerings, solid marketing improvements and a fiercer-than-ever commitment to be the number one casual dining choice in neighborhoods across America and the world.”
Other Retailers News
Sally Beauty Holdings purchases Sinelco Group
Denton, Texas ( December 17, 2009 ) Beauty supplies retailer and distributor Sally Beauty Holdings on Thursday said it purchased beauty products distributor Sinelco Group NV for approximately 25.5 million euros ($37.1 million) in cash, expanding its overseas presence.
Sinelco, based in Belgium, serves more than 1,500 customers in 35 countries through a product catalog, Web site and sales offices in Belgium, France and Italy.
Blockbuster launches iPhone app
DALLAS (Dec. 17) Blockbuster has launched a new application for the iPhone and iPod touch.
The new app enables customers to browse Blockbuster’s catalog of movies and television shows, check to see if the movie they want is in stock at their local participating Blockbuster store, build and manage an
online rental queue and locate their nearest Blockbuster store.
Toys”R”Us extends holiday store hours
WAYNE , N.J. (Dec. 16) Toys”R”Us announced that with nearly one week left until Christmas, it is extending store hours and its free shipping service.
Toys”R”Us stores across the country will open earlier and close later than ever before, the company announced, enabling customers to shop before work and after kids’ bedtime. Toys”R”Us locations will be open from 7 a.m. to midnight Dec. 16 and 17. Beginning Dec. 18 through Dec. 23, Toys”R”Us stores will remain open from 6 a.m. to midnight (some until 1 a.m.). On Christmas Eve, stores will be open from 6 a.m. to 8 p.m.
7-Eleven acquires New England Pantry
Dallas ( December 16, 2009 ) 7-Eleven announced the acquisition of New England Pantry, a company that operates 58 convenience stores under the White Hen Pantry brand, from affiliates of Sanders Morris Harris Group, a Houston-based wealth-management firm. Financial terms of the transaction were not disclosed. The acquisition significantly expands 7-Eleven’s presence in the greater Boston area, bringing the number of outlets 7-Eleven operates and franchises to more than 170.
“This acquisition significantly strengthens our convenience offering in greater Boston,” said Bob Cozens, VP for 7-Eleven’s Northeast Division. “White Hen Pantry has a 40-year history of providing good customer service and high-quality products to consumers in the Boston area and we want to continue that tradition.”
eBay to open first mobile boutique
Los Angeles ( December 16, 2009 ) eBay is gearing up to open its first-ever eBay boutique on wheels. The mobile eBay store will debut on Thursday and be open for only two days. It will feature gift items for shoppers available to buy and take home on the spot.
The location is expected to include interactive shopping kiosks, personal shoppers and trend experts.
Cabela’s secures second amendment to credit facility
Sidney, Neb. ( December 16, 2009 ) Cabela’s said Tuesday it has completed a second change to its revolving credit facility that allows it to transfer up to $225 million of capital to its bank unit, World’s Foremost Bank, in 2010.
The retailer also can now contribute $25 million in capital to the bank in any fiscal year. To secure the amendment, Cabela’s paid a fee of 50 basis points of the revolving commitment amount. The credit facility expires June 30, 2012.
Price Chopper seeks to buy 22 Penn Traffic locations
New York City ( December 16, 2009 ) Price Chopper Supermarkets is offering $54 million in cash to acquire 22 of Penn Traffic’s locations, according to a filing in bankruptcy court yesterday.
Penn Traffic said it was seeking court approval to conduct the transaction as a private sale, rather than subject the stores to an auction. Conducting the transaction as a private sale is a condition of Price Chopper’s offer, according to the filing.
Staples offers last-minute Christmas deals
FRAMINGHAM , Mass. (Dec. 15) Staples announced that it will extend store hours on Dec. 23 and 24 to help customers pick up those last minute gifts.
In addition, Staples said that, during the week of Dec. 20, it will offer great deals on technology gifts and stocking stuffers. Customers can also visit Staples’ Holiday Center at www.staples.com/holidaysavings to find an expanded assortment of holiday gifts and great deals on top products.
TekservePOS raises donations through Amazing Retail Race event
Hoffman Estates, Ill. ( December 15, 2009 ) POS solution-provider TekservePOS announced that the kick-off event to its annual conference raised $12,000 in merchandise to benefit a Chicago-area charity.
TekservePOS launched tekSessions 2009, the company’s annual Retail Technology Conference, with a version of television show The Amazing Race. Teams made up of retailers, vendors and company employees raced through Chicago’s Woodfield Mall, purchased specific items on a list and finished at an undisclosed location.
PetSmart promotes supply chain exec
Phoenix ( December 15, 2009 ) PetSmart said Monday it has promoted Bruce Thorn to senior VP, supply chain.
Thorn will report to Joe O’Leary, senior VP, merchandising and supply chain.
PriceSmart founder Sol Price dies
San Diego ( December 14, 2009 ) Sol Price, a pioneer in warehouse marketing and founder of PriceSmart, has died. He was 93.
Price founded Price Club in the 1970s and left the company after it merged with Costco Wholesale Corp. in 1993.
General News
Survey: Online sales up in Nov., industry health down 0.9%
Redwood City, Calif. ( December 17, 2009 ) Total e-commerce revenue in November rose 4.4%, fueled by sales of promoted goods, according to MyBuys’ E-commerce Wellness Index, which measures the overall health of U.S. e-commerce and tracks key trends among retailers. MyBuys is a provider of personalized recommendations for retailers.
Within the month, total revenues from products sold at list price decreased by 3.4%, while total revenues from promoted items increased by 120%. The depth of discounts also increased slightly to just over 26% in November 2009, up from a discount level of 24% last year.
Specialty retail gift-card redemptions up
Atlanta ( December 16, 2009 ) Gift-card redemptions in specialty retail stores grew 12.3% last week, a significant year-over-year increase, according to First Data Corp., a provider of e-commerce and payment processing.
First Data’s Holiday Gift Card Performance Report compared gift-card sales for the week ending Dec. 13 with the same period in 2008.
Survey: Consumers still have lots of holiday shopping to do
Washington, D.C. ( December 16, 2009 ) Though the Christmas countdown is in its final stages, it seems shoppers still have plenty of shopping left to do. According to NRF’s 2009 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, the average person had completed 46.7% of their holiday shopping by the second week of December, less than the 47.1% completed by this time last year. This is the lowest percentage since 2004, when the average person had completed 46.3% of their shopping by the same period.
“Retailers know the final lap counts the most and are planning to emphasize promotions and discounts to bring in last-minute shoppers,” said Tracy Mullin, President and CEO, NRF.
Report: Holiday online spending up 4%
New York City ( December 16, 2009 ) Holiday e-commerce spending for the first 43 days of the November –December 2009 holiday season totaled nearly $21 billion, marking a 4% increase versus the corresponding days last year, according to comScore.
The most recent week ending Dec. 13 reached $4.74 billion in spending, ranking as the heaviest online spending week on record. The previous high of $4.70 billion occurred during the week ending December 16, 2007.
Report: Year-over-year and weekly sales rise up
Chicago ( December 16, 2009 ) ShopperTrak’s National Retail Sales Estimate (NRSE) Wednesday reported that year-over-year GAFO retail sales rose 1.1% for the week ending Dec. 12, while sales increased a strong 18.2% versus the previous week ending Dec. 5.
GAFO retail sales showed improvement last week as holiday promotions resurfaced more prevalently following the post Black Friday weekend spending lull. Additionally, ShopperTrak reported late gift buying for Chanukah most likely helped boost sales late last week.
Survey: Walmart holiday ads tops with consumers
New York City ( December 15, 2009 ) Walmart has overtaken Target as the company with shoppers’ favorite holiday commercial, according to a Retail Advertising and Marketing Association survey. Target, which claimed the second spot this year, has topped the list since 2005, the first year of the survey, which was conducted by BIGresearch.
Other big news came from Gap, Hallmark and Old Navy, with Gap (No. 4) resurfacing on the list for the first time since 2006; Hallmark (No. 9) making the list for the first time; and Old Navy (No. 6) climbing three spots from last year’s ranking. Other companies in the Top 10 included: Best Buy (No. 3); Macy’s (No. 5); Kmart (No. 7); Sears (No. 8); and Kohl’s (No. 10).
Hacker pleads guilty in Hannaford breach
Newark, N.J. ( December 15, 2009 ) Albert Gonzalez, suspect in the data-theft case surrounding Hannaford Bros. supermarket chain, has pled guilty in U.S. District Court in Newark, N.J.
Gonzalez pled guilty to hacking into the computers of Heartland Payment Systems, Hannaford, 7-Eleven and two other unnamed national retailers.
Mall operator CBL names CEO
Chattanooga, Tenn. ( December 14, 2009 ) Mall operator CBL & Associates Properties has promoted Stephen D. Lebovitz to CEO.
Lebovitz will continue to serve as president of the company, succeeding his father Charles B. Lebovitz, who will continue with CBL as executive chairman and will continue to serve in the company’s operations and leadership.
Survey: Electronics top category this holiday season
Charleston, S.C. ( December 14, 2009 ) Robust sales of electronics is a bright spot this holiday shopping season as consumers rush to cash in on bargains, especially on flat-panel TV sets, according to the Christmas Retail Survey conducted by America’s Research Group (ARG) and UBS.
In fact, for the first time in over 25 years, electronics are virtually tied with toys as the top Christmas gift item, the survey found. When asked to name the gift item they were buying most often, 30.0% of consumers this year said “electronics,” while 30.8% said “toys.” The same question received a very different answer last year with only 23.7% naming “electronics” and 33.8% “toys.”
Report: Online spending expected to be big on ‘Green Monday’
Reston, Va. ( December 14, 2009 ) Dec.14 represents the best chance for an individual day to reach $900 million in spending this season, according to comScore.
“Monday, Dec. 14 – otherwise known as Green Monday – is likely to produce our heaviest online spending total for the season and represents our best opportunity to finally surpass that elusive $900 million spending threshold,” said comScore chairman Gian Fulgoni. “The early part of this upcoming week should bring us the heaviest online spending days of the season before consumers refocus their attention on brick-and-mortar retail locations to finish up their holiday shopping.”
Consumer Reports Index: Retail outlook up for December
Yonkers, N.Y. ( December 14, 2009 ) Despite lackluster retail numbers since August 2009, consumers have increased their retail spending markedly in November and the outlook for planned purchasing in December is strong, according to the Consumer Reports Index, December 2009 report.
The Consumer Reports Past 30-Day Retail Index (purchases made in November) has risen 24%, climbing to 11.2 from 9.0 last month. The outlook for planned purchases in the next 30 days is at 12.2, up from 9.0 the prior month, an increase of 36%. The major gains in retail spending are led by personal electronics, major electronics and small appliance purchasing.
Nov. retail sales gains a positive sign
Arlington, Va. ( December 11, 2009 ) Retail sales were up slightly in November for the fourth consecutive month as store traffic was enough to offset smaller basket sizes, said the Retail Industry Leaders Association (RILA).
High unemployment and job insecurity continued to dampen consumer spending as cost conscious consumers sought out extreme value purchases.
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