June was a difficult month for retailers and it's also typically a month during which comparable sales are driven by discount sales.
July was a washout, a bust, whichever way you want to call it, unless you were a discount retailer,
There has been, and continues to be, a strong shift of consumer spending away from traditional department stores and specialty stores over to discount stores.
Despite the fact that it's a clearance month, we can still see strong trends. People stayed away from department stores and they broke down the doors at discount stores.
From what I've seen, Sears is well underway to making itself into a more efficient and a more pleasant-to-shop retail establishment. It is likely to become a powerhouse in the mass-market arena and perhaps look a little bit like a combination of a large discount store and Kohl's.
What we are seeing is that consumers' cautious spending is now stretching to the low-priced discount stores as well as to the other stores. ...Today, saving money is chic. Bargain hunting is fashionable.
It is time that Manhattan got itself its first really splendid discount store, so the sale opens the door to the arrival of Target, or maybe even Wal-Mart.
Consumer spending is avoiding the mall-based, high-priced stores and is now drifting rapidly to the discount and low-priced segment.
Discount stores are doing very well, and home-oriented retailers are doing very well. But most of the others are dragging their heels.