Retailers ranging from department store group Macy's to bookseller Barnes & Noble revealed like-for-like sales declines as shoppers reined in spending, frightened by the prospect of a recession.
Macy's, which also owns famous department store Bloomingdale's, was among the worst hit. Like-for-likes slumped 7.9 per cent in December and total sales fell 7.4 per cent.
Department store peer JC Penney suffered a 7.5 per cent fall in sales. Comparable store sales at Limited Brands, owner of lingerie retailer Victoria’s Secret, slid 8 per cent and at Barnes & Noble they slipped 0.4 per cent. Fashion giant Gap also turned in a poor performance (RW Online, January 10).
However, value giant Wal-Mart managed to achieve a 2.4 per cent sales uplift.
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