My Way News – Retailers Report Sluggish October Sales
NEW YORK (AP) – The outlook for the holiday shopping season grew bleaker Thursday after retailers announced disappointing October sales results due to consumers’ ongoing worries about the housing slump and higher energy prices.
The downbeat news came from all sectors including mall-based apparel stores like Limited Brands Inc. (LTD) and department stores like Macy’s Inc. (M) Even upscale Nordstrom Inc. (JWN) posted a rare sales decline while Wal-Mart Stores Inc. (WMT), the world’s largest retailer, posted sales that were below expectations despite its aggressive discounting heading into the holidays.
Online shopping grows every year, but still only a fraction of consumers shop online and the dollars spent are minuscule compared to sales at malls and other retail outlets.
As people start examining their driving habits, will more of them move to the web for their purchases?