Thursday, September 02, 2004

The rich shop, the rest can't even afford Wal-mart

The last sales reports show that even the most affordable stores had weak sales. The places where wealthier people go seem to be doing fine though.

"Wal-Mart, usually the industry leader, suffered its weakest performance in more than 3 1/2 years. ... Wal-Mart posted a slim 0.5 percent increase in same-store sales, its smallest gain since December 2000.

The big exceptions were high-end stores whose well-heeled customers have been the first to benefit from the economic recovery and have not been as vulnerable to rising gasoline prices. ... Neiman Marcus Group had a 14.7 percent increase"

AP > Business > August Retail Sales Hurt by Job Worries

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