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Top Retail Analyst: “I Think What’s Going On … Is That We Are In A Depression For 80 Percent Of Americans”

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Washington’s Blog
July 12, 2011

CBS station KNX 1070 in Los Angeles reports:

More stores across the U.S. that offer deeply-discounted products are seeing their sales decline after years of growth amid America’s “Great Recession” — and one analyst said on Monday it’s another sign of even deeper downturn.

***

“I think what’s going on in those stores is that we are in a depression for 80 percent of Americans,” top retail analyst Howard Davidowitz told KNX 1070.

America’s three largest discount chains — Dollar General Corp., Family Dollar Stores Inc. and Dollar Tree Inc. — all recently missed their quarterly earnings targets.

Davidowitz pointed to the weakness of the dollar and a gloomy consumer outlook as some of the factors behind the stores’ slump.

“In those stores, somebody comes in with $12 to do all their shopping,” said Davidowitz. “The person who used to come in with $12 now comes in with $8.”

“In other words, the economy is continuing to be worse, the … depression continues to explode,” he added.

(For more on Davidowitz, see this and this.)

This reminds me of Joe Biden’s statement that “it’s a depression for millions of Americans”, Wal Mart CEO’s statement that Wal Mart shoppers are running out of money, and many top economists’ assertion that we’re in a Depression.

And see this.

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This article was posted: Tuesday, July 12, 2011 at 3:19 am





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