As everyone in New York knows, the economy has been rough for a long time. Because shoppers have not felt like they had money to spend, they've kept their pocketbooks closed and have stuck pretty close to only buying necessities.
This, in turn, has sent companies scrambling to find the right business plan to keep customers spending so that their bottom lines don't suffer. Should they offer more sales? Cut regular prices? Reduce offerings? Increase offerings?
Luckily, sales for most of the U.S.' largest companies went up in February. Whether that means businesses have finally arrived on the right formula to lure in recession-conscious shoppers remains to be seen, however.
The International Council of Shopping Centers said retail sales among 14 prominent chain stores, including Macy's, Gap and Target, were up an average of 6.6 percent from a year ago. Analysts said positive economic indicators, like decreasing unemployment, made people feel a little more relaxed with their money. It also helps that spring is right around the corner and people who are sick of winter are snapping up spring clothing, decorations and household goods.
As we said, this could be a fluke or it could be the start of a business turnaround. Either way, it has provided some of our country's biggest companies with a little breathing room. It has been hard for all companies to stay afloat in these rough economic times.
Source: Forbes, "Retail Roundup: Gap, Macy's, Target Lured Shoppers In February," Abram Brown, March 1, 2012
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