OK, here’s the straight dope. I’m thinking that one of the consequences of a jobless recovery are likely to be that businesses that cater to the upper classes would be doing well economically while those that cater to the middle class and lower classes would be doing considerably less well.
So, are there any economic figures that break down retail sales for 2003 in terms of upscale vs. downscale stores? I did a Google search but could only find a listing of retail sales figures generally. And as I don’t know what portion of the demographic the retailers are catering to, I wasn’t able to make much of the figures.
Anybody got a line on a better set of figures or an authoritative analysis? Seems like the sort of thing others would already have thought of.
Since holiday season sales make up such a significant part of retailers’ yearly revenues (up to 50%, IIRC, though I’m willing to be corrected), we can probably use these numbers to gauge full-year results. And based on that, it appears you are correct:
These, as you’ll notice, show revenue increases in same-store sales. If I’m interpreting your second paragraph correctly – that is, how much money did the upscale stores make vs. the mass-market ones – then that really doesn’t give the right picture, since Wal-Mart is, after all, still the world’s largest retailer regardless of how well the Gucci boutiques did.
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I just came across something in my day planner: Just after Thanksgiving, a representative of some national retailer’s association said on the news, that there would be lots of shortages this (past) season because retailers had ordered smaller stocks last spring, before “the recovery.” For a few minutes, I started feeling panicky and considered starting my Christmas shopping earlier, but then it occurred to me that an association of retailers might have an agenda that might benefit if I started panicking about shortages. So I made an entry in my day planner to reevaluate things in January.
I don’t recall there being any shortages. In fact, I practically redecorated my apartment with sale items I bought on Dec. 24. So, now ABC News is on double secret probation for putting up a corporate shill without any counterpoint.
[/slight hijack]