Retailers: Consumer spending's in trouble

http://money.cnn.com/2007/11/15/news/companies/jcpenney/index.htm?postversion=2007111513 ^ | 11-15-07 | Parija B. Kavilanz

[Obadiah]

Kind of like our family. We have three younger kids, and really, they have just about everything imaginable, to the point where it’s actually hard to come up with something - other than clothing - to give them as a gift. My wife and I agreed, they don’t need more $19.95 plastic junk made in China. We have told them not to expect too much this year as we simply choose not to get sucked into the commercialization of Christmas.

[RobRoy]

But the article says Wal Mart’s numbers are down too.

[NeoCaveman]

But the article says Wal Mart’s numbers are down too.

Nah, it says Wal Mart is concerned about a potential slow down. Their numbers came out earlier this week and they were good.

Heck I don't care if sales slow, more discounts for me.

[RobRoy]

Yeah, I’m picking up a “virtually new” bass pedal tonight for $100. New it is $299.

People need money more than they need their stuff right now...

[Chickensoup]

“psychological effect of fuel prices” for eroding Penney’s profit and sales last quarter.

Psychological my foot. My fuel prices have more than doubled. The credit card companies are tightening up minimum payments... and my local taxes have skyrocketed.

[durasell]

So, what you’re saying is that you’re feeling the psychological effect of fuel prices, credit card debt and local taxes?

[Chickensoup]

So, what you’re saying is that you’re feeling the psychological effect of fuel prices, credit card debt and local taxes?

No. What I am saying is that I am feeling reality. It ain’t just in my head!

[EBH]

Yeppers to that! Home heating has been rising for the past several years by significant amounts in the Cleveland area. Add to that gasoline prices...and I find I am looking for ways to cut corners big time.

I am really concerned about the heating bills for this winter. It is going to be tight and tough...

[fedupjohn]

Where did this come from? Here is central New Jersey, from Friday night thru Sunday night the stores and malls have been over flowing the last few weeks.”
The people there are doing what Rush used to say in the 90’s. They are refusing to participate in bad economic times.

[dragnet2]

We're in a very difficult selling environment," J.C. Penney CEO Myron Ullman told analysts Thursday

And this genius couldn't see this coming?

[dufekin]

Wal-mart can increase its sales by hiring some checkout clerks and training them to maximize attendance and speed. They may boast 35 checkout lines but hire only two very slow cashiers, limiting the volume of merchandise that they can sell. Reliably rapid checkout lines also attract customers.

[dragnet2]

Wal-mart can increase its sales by hiring some checkout clerks and training them to maximize attendance and speed.

LOL..Forget the training of work faster for the same pay...Pay them $20 per hour, and watch how fast things move.

[US_MilitaryRules]

I walked into Costco on Tuesday evening and the place was vacant at 7pm! I joked with a stocker and said where is everyone? He said it has been like this for a few days.

[Pining_4_TX]

Great. This will probably be our county’s excuse to put off fixing our crappy roads.

[Freedom_Is_Not_Free]

I’ve been waiting to read these declarations since last year. You could see it coming between the crash in home prices and the resulting death of MEWs. It took the complete meltdown of liquidity after the financials FINALLY had to admit their losses in August before the talking heads on the financial shows would admit to the very real probability of a recession following the death of the US debt-driven consumer that is responsible for 70% of GDP.