In March, we saw signs that the economy is stabilizing – retail stocks are up, particularly for Sears Canada and UNIQLO. Other good news: Topshop finally opened in New York; it appears to have lived up to all the hype. And jewelers are thankful for brides and grooms-to-be, as the bridal industry appears to be recession-proof.

But it’s not all rainbows and sunshine. The luxury market continues to nose dive. Profits at Versace, for example, dropped quite a bit (but mostly do to exchange rate flux).

Meanwhile, Macy’s was “downgraded to junk” by an investment firm. That’s gotta hurt. Macy’s has company, though. A mall in Long Island defaulted on a $124 million mortgage payment, all because its two top stores went bankrupt.

In even gloomier news – Gottschalks is finally set to liquidate. Portland’s Zells Broz. Jewelers is following in its footsteps, announcing that it, too, is closing down.

Who were the casualties in all of this? In march, 6,500 retail jobs were lost. Ouch.