Where Are Teens Shopping?
Category : My First Job
Michael Grynbaum wrote an article in todays Times that said, “Retail Sales Weakest in 5 Months.”
The article continued, “Wednesday’s retail sales report was the latest sign of weak spending habits in July. In privately tracked sales figures released last week, many name-brand department stores and clothing outlets reported significant declines in sales at stores that have been open at least a year.
Saks, Kohl’s, J.C. Penney and Target all reported sales declines, along with Gap and other popular apparel brands.
Americans seemed to be shifting their shopping habits to wholesale clubs and discount outlets, although even the big-box stores are seeing signs of a slowdown. Sales at Wal-Mart in July rose but failed to match expectations, a surprising show of weakness for the discount behemoth, which also said its business would worsen in August. Wal-Mart also said that shopping patterns indicated that more customers were living paycheck to paycheck.”
and also, “The weak labor market, which has played a big role in the cutback in consumer spending, has shown few signs of improvement. New claims for unemployment benefits rose last week to the highest level in six years, according to the Labor Department. New applications rose by a seasonally adjusted 7,000 to 455,000 for the week ended Aug. 2.”
And you know when its bad for everybody, its worse for teens.