We had to visit few malls here in Sacramento on Friday and Saturday. The reason was we could not find parking spot in any of these three malls we visited. I don't know how much it is actual sales but it was certainly a zoo.
Stupid!! This is Christmas and New Year time. Good time for shop to get the lowest pirce ever for the year. Almost every one is out there. After that, you will see it will like a dead mall. Mervin is closing, do you know it?
Many stores authorize their employee to adjust price for customers just to keep them from going to their competitors. Serious trouble just to try to stay open and hoping for things to turn around quickly.
Gap is a goner. I have friends who work there. They will not survive this winter
Also, it's Christmas and the consumer is conditioned to perform.
In 6 months, the malls will be ghost towns.
Wont you take me to... shanty town....
How many were walking into stores with shopping bags and how many were exiting stores without shopping bags? Net purchases or net returns?
How large were the discounts?
How many of those stores had net income for 2008?
How many of them will file for bankruptcy in 2009?
These are the real questions.
Remember this too. Walking around malls is also a cheap form of passing time. Looking at sales,people even getting some execise in during the cold,winter weather.
I think looking at the amount of people in malls is on the very lowest level of indicators.
Deflation says it all and if you look around, it's here and just begining. As a matter of fact, our entire township (NE USA)is going through a re evaluation of property taxes because so many of us have complained that our houses are not worth even close to the last time they were appraised by local government. Many of us have already gotten our taxes dropped by 10%! Now that is deflation.
Wait to you see what the chinse do to keep themselves from spiraling down into a deflationary cycle. Tons of chines goods coming our way as reatilers look for the cheapest items they can find in order to stay solvent.
I love America but for the next decade, we are f8cked like Spitzer's whore.