If Wal-Mart's results are excluded, the numbers are even worse,dropping 4.2%, the largest since that aggregate was compiled forNovember 1991. If drug stores were excluded, the overall indexwould have dropped 1.4%.
"The confluence of this worry about the economy and financialmarkets caused consumers to freeze most nonessential purchases inOctober," wrote Michael P. Niemira, ICSC chief economist anddirector of research.
Not surprisingly, the luxury sector was hit particularly hard,dropping 19.2%. The teen sector also saw a decline, with a 10.9%drop. Department stores declined 10.9%, with Nordstrom reporting a15.7% dive and J.C. Penney posting an 11.8% decline. On theopposite end of the spectrum, Wal-Mart's discount store sales rose2%, while Target saw a 4.8% fall and TJX a 6% decline.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
