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Shocker: The NYT Predicts Poor Retail Sales
Hope (for a recession) springs eternal in the breast of the New York Times:
Retail Desperation on Display in Early Hours
By MICHAEL BARBARO
Bleary-eyed shoppers descended on suburban malls and downtown shopping centers across the country this morning in an annual retail ritual that appeared to break records for consumer sleep deprivation.
Several major chains, like J.C. Penney and Kohl’s, opened at 4 a.m., an hour earlier than last year, dangling half-price discounts and coupons offering $10 off to lure customers out of bed.
Most discount chains, like Wal-Mart, Best Buy, Circuit City, Target, Toys R Us and Sears, opened at 5 a.m., with department stores such as Macy’s waiting until 6 a.m. and Saks Fifth Avenue holding off until 7 a.m.
The extreme hours highlight how desperate stores are to win over consumers this holiday season, which is expected to be the weakest in five years because of rising energy prices, falling home values and a tight credit market…
Bill Dreher, an analyst Deutsche Bank Securities said “the economic slowdown is gravitating up the economic chain. People are cheaping out and sticking with the essentials.” …
And when it turns out that sales are much higher than anticipated (as always happens) the New York Times will somehow forget to mention it (as they always do).
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