Yet another sign of the times.
While no is enjoying an increase in sales, the numbers show that discount and low-priced retailers are suffering far, far less than their pricier counterparts.
Saks, for instance, experienced a 19% drop in sales from last year in the month of August. Even worse, Abercrombie & Fitch’s sales declined a remarkable 29% in the month of August.
Conversely, cheap and chic retailer Lord & Taylor only experienced a 1% decline, and Target’s retail only dropped 2.9%.
In keeping with the trend, middle-of-the-line stores are treading water in the middle, such as Macy’s, whose sales dropped about 8%.
People just aren’t in a position to go on shopping sprees at Saks anymore! With joblessness at the highest it’s been in 25 years, it’s no surprise that people want to stretch their dollar.
A penny saved…
[Image via AP Images.]