Gap Inc. saw weak sales continue into March. The company reported an 8 percent decline in same-store sales, and warned that heavy discounting could hurt the retailer s profit margins. One of the worst performers was Dillard, which posted a whopping 13 percent decline in same-store sales. What this all boils down to is a big dose of reality for retailers of all sizes. The swiftness of the slowdown has jolted many Americans.
People see a bear market, layoff announcements, earning warnings.
These are the most difficult economic times people have generally seen in at least ten years. Boy were we spoiled. And it appears to be over. Automatic sales growth is over. Employee salary increases, unrelated to performance, are over.