While consumers did go to malls in July, they did so to be in air conditioning but didn't make many purchases.
More Quotes from Kurt Barnard:
They have all learned one lesson -- make yourself more efficient. Operate more economically, and do more with less.Kurt Barnard
We believe the earnings will be quite good, and that the result will give a boost to retail stocks. Everything has been favorable for retailers in terms of abundant consumer spending.
Kurt Barnard
There's no question that competition in retailing is rampant and out of hand. It's getting increasingly difficult for companies to keep their heads above water. That's why the industry is getting into gear for more merger activity.
Kurt Barnard
You know, Americans have jobs. Americans are earning money. They feel good about themselves. They feel secure in their ability to hold onto the job, and even if they lose the job they know they don't have to go too far to find another one, ... So they feel a sense of security, of freedom to go out and spend and buy and do things for themselves, and that is why we are absolutely convinced that consumer spending will remain strong certainly throughout the balance of this year, and ... maybe into next year.
Kurt Barnard
Their sales are terrible and their efforts to come up with newness that appeals to consumers and brings them back into the stores are failing. There's absolutely no indication that they have found a road back to health, and while they have very little debt, they do have too many stores. With that kind of a background, it's not difficult to envision a bankruptcy in the foreseeable future.
Kurt Barnard
We have had a series of rate increases since last year, and so far we have not felt any impact on retailing off all of these increases. However, eventually something will have to give. I would predict that, say towards the end of the year, the fourth quarter, the very all-important holiday fourth quarter, we are going to see that the rate increases will finally take a bite. And that could be a comfort to retailing.
Kurt Barnard
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