A talk of politics; look away!
On Saturday night, my dear husband and I managed to escape the monotony of life's responsibilities and head out to party with friends and just relax, for a change. As we were trying to find a place to eat, we figured 8 to 8:30 ought to be late enough not to have to stand and wait at a decent restauarant.
In the words of Ron White, we.were.wrong.
Everywhere we went there were people out the door and a wait of at least 30 minutes. I know this is only one tiny measure, but it just seems to me that people aren't hiding in their basements clutching the last few dollars in their wallet. People are still out and spending money. Yeah, many of us aren't spending like we were a year or two ago. But, for us, that is because we have household expenses that have increased - not because we think the sky is falling and recession is imminent. Increasing gas and grocery prices are impacting us. I think twice about meeting friends for lunch in Fort Worth (about a 30-40 minute drive for me) and I am eating more at home than going out. But, that is simply being practical. (Army of Dad don't have a cardiac).
Anyway. I just keep hearing all these tales of woe about this recession that I don't see. I chuckled when I read this news story this morning.
To some senior retail real estate executives, the constant stream of dire warnings about an economic slowdown amount to a self-fulfilling prophecy. “I believe that if we have a recession it’s because we ‘want’ to have one, and we’ll come out of it quickly,” said Greg Maloney, president of retail for Jones Lang LaSalle Inc. Nationwide, he noted, retail sales have slipped in only one month out of the last 12.
Maloney also predicts that Washington will come up with a stimulus package that will spur consumer spending. Even if the main problems with the economy are uncertainty and lack of confidence, as Maloney argues, the impact on retailers and their plans appears to be real. In the short term, Maloney is watching the market for retail bankruptcies, which he noted tend to crop up more in January and February than in other months.
Certain sectors of the retail economy, and some categories of shopping centers, will feel the pinch through much of 2008. The rule of thumb, Maloney says, is that consumers will tend to cut back in non-necessity categories like luxury items and home furnishings.
“It’s going to affect those things where people have the choice, and where they feel the pinch, they’re going to come back,” he said. In particular, the trouble in the housing market that was accelerated by last year’s sub-prime debacle hastened the demise of the Levitz and Bombay home furnishings chains, which decided last fall to shutter their stores nationwide.
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I could go on and on, but there aren't enough hours in the day for me to bitch/debate/discuss this stuff AND get my personal responsibilities made. For now, I have to find where I put Hot Rod's report card, finish the laundry and write a 1,300-word story on the state of retail in Phoenix. *rub down the goosebumps, I know it is exciting*
In the words of Ron White, we.were.wrong.
Everywhere we went there were people out the door and a wait of at least 30 minutes. I know this is only one tiny measure, but it just seems to me that people aren't hiding in their basements clutching the last few dollars in their wallet. People are still out and spending money. Yeah, many of us aren't spending like we were a year or two ago. But, for us, that is because we have household expenses that have increased - not because we think the sky is falling and recession is imminent. Increasing gas and grocery prices are impacting us. I think twice about meeting friends for lunch in Fort Worth (about a 30-40 minute drive for me) and I am eating more at home than going out. But, that is simply being practical. (Army of Dad don't have a cardiac).
Anyway. I just keep hearing all these tales of woe about this recession that I don't see. I chuckled when I read this news story this morning.
To some senior retail real estate executives, the constant stream of dire warnings about an economic slowdown amount to a self-fulfilling prophecy. “I believe that if we have a recession it’s because we ‘want’ to have one, and we’ll come out of it quickly,” said Greg Maloney, president of retail for Jones Lang LaSalle Inc. Nationwide, he noted, retail sales have slipped in only one month out of the last 12.
Maloney also predicts that Washington will come up with a stimulus package that will spur consumer spending. Even if the main problems with the economy are uncertainty and lack of confidence, as Maloney argues, the impact on retailers and their plans appears to be real. In the short term, Maloney is watching the market for retail bankruptcies, which he noted tend to crop up more in January and February than in other months.
Certain sectors of the retail economy, and some categories of shopping centers, will feel the pinch through much of 2008. The rule of thumb, Maloney says, is that consumers will tend to cut back in non-necessity categories like luxury items and home furnishings.
“It’s going to affect those things where people have the choice, and where they feel the pinch, they’re going to come back,” he said. In particular, the trouble in the housing market that was accelerated by last year’s sub-prime debacle hastened the demise of the Levitz and Bombay home furnishings chains, which decided last fall to shutter their stores nationwide.
--
I could go on and on, but there aren't enough hours in the day for me to bitch/debate/discuss this stuff AND get my personal responsibilities made. For now, I have to find where I put Hot Rod's report card, finish the laundry and write a 1,300-word story on the state of retail in Phoenix. *rub down the goosebumps, I know it is exciting*
1 Comments:
At 7:22 AM, January 29, 2008,
Jenni said…
It's funny though, most everyone I know personally is financially strapped right now. I do think something bad is happening with the economy but I'm not sure it's bad enough to label "recession". Just my $.02 for what it's worth. :)
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