Retail Sales Give A Closer Look At The Economy
January 9, 2009
By the My MBA Career Content Team – Find Top MBA Degree Programs
The nation's retailers have provided a better look at a holiday shopping season that was, by many accounts, a disaster.
According to a report by AFP, the sales slump lasted from November into January and was damaging to both large and small retailers - particularly those which sell clothing.
"This was an extraordinarily difficult holiday season. Retailers were forced to slash prices to entice consumers to spend," economist Michael Niemira was quoted as saying by the French press agency.
The report noted that U.S. chain store sales fell in December by 1.7 percent, while November-December holiday sales were down 2.2, marking some of the worst sales figures in decades.
Some of the nation's best-known retailers were among those hardest hit, such as Sears, which posted a 7.3 percent sales drop, and JC Penney, which saw a 6.8 percent decline. Many top clothing retailers had far worse performances with double digit decreases.
Still, many professionals are working towards MBA degrees with an eye on the opportunities that will be present when the economy does begin to recover. For example, recent media reports have cited a noticeable increase in students seeking out education in business niches such as luxury goods, despite the extremely difficult time that industry is currently having.
Even while waiting for the economy to recover, companies may find themselves benefiting from the experience and insight that professionals have to offer, particularly when it comes to skills like marketing.
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