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.
Weekly Retail Report for April 7, 2009
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.
Who were the casualties in all of this? In March, 6,500 retail jobs were lost. Ouch.