Thursday, February 7, 2008

Tough January for Retailers

The slowdown in consumer spending is evident in the reported sales results, with many stores reporting a decline in year-on-year sales.

Retailers with outlets in Marin include department stores Nordstrom and Macys, whose same-store sales in January were both approx. -7% lower than the same period last year. Target was down -1.1% and Gap dwn -2%, while Ann Taylor and Abercrombie & Fitch each saw 0% growth.

Talbots, which runs Talbots and J Jill brands at The Village at Corte Madera, saw its quarterly sales fall by 6%, and responded by announcing that it would increase to 100 the number of underperforming stores it plans to close. Chicos, also with a new store at The Village, had a shocker, with January same-store sales down -22%.

Best performer among the large stores was Costco, whose same-store sales for the January period increrased by 7%. Sales at Ross were up 1.1%.

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