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US Retailers to Close Hundreds of Stores »

Posted by: Neophile 2 months, 1 week ago

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High and rising world oil and food prices, the implosion of the US housing bubble and the ensuing consumer credit vapour lock have cash-strapped US consumers staying out of retail stores in droves, and this is forcing dozens of US retailers to close hundreds of stores.

Read Full Story at theinquirer.net

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Comments So Far: 10

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ZigiMe2 months, 1 week ago

A sign of the times...
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browntiger2 months, 1 week ago

Republican economy, or lack of it. I am sure it would have been a lot worth if not 150k in Iraq and number of companies on defense and homeland security orders
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koobeba2 months, 1 week ago

As someone owning a couple of stores there is definitely a slow down. People are watching their spending...
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Nowalive2 months, 1 week ago

As unpopular as my next statement will be, it is the truth.
Much of the consumer credit crisis is due to two key factors. Enticement and entrapment by the credit companies, and personal responsibility on the part of the consumer.
Most consumers do not take the time to read their credit card contract. Credit companies offer low introductory rates such as 4.9%-9.9%. These rates go up immediately at the first late or missed payment to 18.9%-23.9% depending on the company. If you can't afford the payment don't spend so much.
Most Americans have forgotten the difference between wants and needs. When a new phone, TV, Ipod, ad infinitum comes out they have to HAVE it. Thus they buy the new one before they have even paid off the old one(which could only be a few months old in many cases). I see several of my co-workers doing this nearly monthly.
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Nowalive2 months, 1 week ago

CONT.
The price of gasoline, home heating oil, natural gas et al is a complex mix of supply and demand, production, speculation, politics and to an extent over-regulation.
The high cost of oil has significantly raised prices across the board. Production costs, transportation costs have risen nearly 20% in the last 18 months causing consumers to slow their spending recently. However, there is a silver lining of sorts. Dollar Store type retailers are seeing an increase in traffic from this.
People who would not normally shop in these outlets are beginning to purchase necessities there. Paper towels, aluminum foil, kitchen spices, etc. People who can no longer afford Omaha Beef are now going to Murray's Steaks, and the Pampered Chef is being replaced by Cozy Kitchen. People have begun changing their spending habits.
I would rather be right than popular.
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1-2-Oscar2 months, 1 week ago

Most of the retailers who are closing stores will not be sorely missed, because the goods and services they provide are furnished at lower cost by others. The American standard of living will scarcely be affected. But their closings also mean the loss of tens of thousands of jobs, and that will hurt many families. If enough closings occur, it becomes a cyclic process, in which layoffs lead to lack of money and lower sales for the remaining retail stores, which leads to more store closings and layoffs, which results in the loss of tens of thousands more jobs, which leads to lower sales figures, which leads to more....
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jumpmaster2 months, 1 week ago

Maybe these companies built too many stores in the first place.
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  Neophile2 months, 1 week ago
  
  I'm sorry I can't hear you over the sound of them building a starbucks in my driveway.
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    Nowalive2 months, 1 week ago
    
    You have one that close Neo? I have to drive next door to my neighbors house to find a StarBucks.
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getreal12 months, 1 week ago

The General Dollar was having trouble in our area getting shipments a month ago and the store looks about half full. Wonder when it starts to affect Wal-mart?
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