You've had a series of announcements over the last several weeks indicating a softness in retail. You've had other indicators, which I think really tells you you're up against really difficult comparisons with year-ago figures. Something's gone wrong with the apparel business in this country.
More Quotes from Michael Exstein:
Costco is a terrific company. Target, which is part of Dayton Hudson, is a very tough competitor to Wal-Mart. I don't think this is a Wal-Mart phenomenon.Michael Exstein
I think you have a satiated consumer, you've got a consumer that's facing an increasing debt load and I think there wasn't a lot interesting short of the scooters this Christmas season.
Michael Exstein
Basically, if you promoted heavily during the Thanksgiving weekend, you did well. If you're willing to be aggressive on price and promotion, you can attract traffic into the stores.
Michael Exstein
The good news is in all honesty, everybody has brought down their expectations for the season.
Michael Exstein
An earlier Easter gives retailers the opportunity to push spring merchandise earlier. Retailers will have to wait more patiently this year until mid-April for its coveted Easter sales.
Michael Exstein
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