Chain stores get 'big lump of coal'

04.12.09

In an unexpected mark backward, the nation's leading retailers suffered a sales slump in November -- a slight start to the holiday season and an ominous sign for the fragile economic recovery.

After two months of utilitarian sales reports that spurred hopes that an industry turnaround was at hand, major chain stores posted a 0.3% weakening from a year earlier, the International Council of Shopping Centers said Thursday.

Department preserve giant Macy's Inc., teen retailer Abercrombie & Fitch Co. and luxury seller Saks Inc. all reported declines. Most of the 32 chains tallied by the shopping center conference, a trade group that has tracked monthly sales data for four decades, missed Wall Circle expectations.

"Santa delivers a big lump of coal in November," said Ken Perkins, president of digging company Retail Metrics Inc. "It is a big disappointment. It is certainly further evidence that any recovery we have is going to be business- and capital spending-led; it's not coming

Source: Los Angeles Times