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August Same-Store Sales Weaken
September 05, 2008
August same-store sales growth weakened to 2 percent for about 40 retailers reporting monthly results yesterday, according to TNS Retail Forward. August's result is down from the 2.8 percent sales-weighted composite reported last month and down from the 3.1 percent composite reported in August 2007. August's results were led by stronger-than-average results at warehouse clubs, which were pumped up by gasoline sales. Retailers in all other channels lagged, with the exception of Wal-Mart, dollar stores and a few apparel specialty retailers. "Retail sales are being hurt by shoppers spending less on back-to-school and by the diminishing impact of tax rebates," said Frank Badillo, senior economist at TNS Retail Forward. "The signs suggest that retail spending will resume a weakening trend through the end of the year." In August, one of every five households (20 percent) planned to spend less on back-to-school. About 41 percent of households planned to spend the same as last year on back-to-school, and about one-third of households (34 percent) planned to spend more than last year.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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