Big Drop in September Retail Sales
Staff -- Gifts and Dec, 10/19/2001 11:45:00 AM
New York - Proof that consumers stayed away from stores in the aftermath of the September 11 attacks was verified by government statistics that showed a decline of 2.4 percent in retail sales during the month. It was the largest decline in ten years, according to a report in the New York Times. While sales of essentials such as food, health, and personal care products showed an increase, they were overshadowed by decreases in apparel, restaurant meals, and automobile sales. According to the Goldman Sachs Retail Composite Index, overall sales in stores open at least one year did not rise at all during September, the worst month since the index began in 1988. However, a closer reading of the numbers showed that while sales at specialty apparel stores declined 8.5 percent, sales at discounters increased 4.4 percent. Wal-Mart reported an increase of 6.3 percent over the same month a year before; Kohl's was up 4 percent. The Gap was down 17 percent, and Neiman Marcus 19.5 percent. Federated Department Stores, parent company of Macy's and Bloomingdale's, among others, reported that sales were down 12.9 percent, but showed improvement at the end of the month.
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