Despite the weather-induced dip in sales compared to the same period last year, it is not clear whether it was just a shifting in demand to future shopping days or mediums such as online and catalog sales.
More Quotes from Michael Niemira:
The strong start to the holiday season is a reassuring sign that the consumer is very much connected with this holiday season and can be enticed to spend by retailers.Michael Niemira
Last week's sharp decline in consumer confidence, as measured by the ABC NewsWashington Post Consumer Comfort Index, may have been a precursor of this week's spending drop.
Michael Niemira
We're not out of the woods on the gasoline front. And we are certainly not out of the woods on the broader energy front. We still have a second wave in the pipeline, which is home heating season expenses. And that comes about the time that the holiday season unfolds,
Michael Niemira
The bottom line today is that the economy is improving and the consumer is much more confident, ... This storm undoubtedly will hurt sales, especially on Saturday, but it could also trigger a different response where it shifts demand to other channels such as the Internet, catalogs and to gift cards.
Michael Niemira
To some extent, this downturn in the pace of sales may hold a silver lining for the upcoming holiday season, as consumers build up their savings ahead of holiday spending.
Michael Niemira
Can you raise the question of whether the retail industry is finally on the mend Given the picture that's developing here, tentatively at least you can say, yeah. Certainly we can make more upbeat comments on the holiday season.
Michael Niemira
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