Sales of apparel, shoes and appliances fell dramatically in the first two weeks of November, as consumers worried about a recession and job losses further cut spending, MasterCard Advisors said in a report.
Shares of bookseller Borders Group Inc and athletic shoe seller Finish Line Inc plummeted during volatile trading in consumer stocks on Friday, November 21st as fears of a worsening retail environment took hold days before the holiday season kicks into high gear.
Wal-Mart Stores Inc , which is gaining market share amid an economic downturn, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.
Three months after purchasing apparel chain Steve & Barry's out of bankruptcy, the new owners will liquidate the remaining 173 stores after plans to operate the chain fell victim to slumping retail sales and difficulty in getting financing.
Kohl's Corp is to widen its range of discounts after Thanksgiving Day, introduce daily promotions and substantially increase its marketing spend to attract bargain-hunters, the Wall Street Journal said.
Shares of Genesco Inc fell 39 percent to their lowest level in six years on Wednesday, a day after the shoe and hat retailer forecast weak third-quarter results, hurt mainly by lower same-store sales at its Johnston & Murphy Group, and guided its fourth-quarter earnings below Street view.
Kohl's Corp and Nordstrom Inc , two large U.S. retailers, reported sharply lower quarterly profits on Thursday and warned of worse-than-expected results for the rest of the year, just weeks before the critical holiday shopping season gets under way.