Sears in Century Plaza to Close

The article I read is about a Sears in Birmingham that is going to close it's doors. This comes along with news that Sears plans to close 24 underperforming stores across the U.S. This means that several jobs will be lost, creating many more people who will be unemployeed and looking for new jobs.

In today's economy it is getting harder and harder to find job security, or even find a job to begin with. The retail industry specifically is one of the hardest hit by the recesssion. Big names in retailing like 'Sears', who were once at the top of the retail industry, are having to close their doors because business is so bad. We're starting to see the trend of retailers going bankrupt and closing there doors more and more every day.

http://www.bizjournals.com/birmingham/stories/2009/02/23/daily51.html

Shoppers Showing No Valentine's Love for Retailers

In today's economy it's understandable that people won't be spending as much on gifts this Valentine's day. Studies show that consumers plan on spending an average of $102.50 this on gifts this year, which is a 17% drop from 2008. It is predicted that one of the sharpest drops in spending will be in clothing and intimate apparel, an industry which many of us plan on working in.

Retailers are having to lower prices, sometimes even below cost, just to get consumers to buy their products. Retailers are also trying creative advertising and marketing campaigns to lure consumers into their stores. Some stores are offering free gifts with purchases, while others are promoting the chance to win free trips. Retails are having to become more innovative this Valentine's day in order to compete in this lagging economy and give consumers a reason to buy. Many of us who work in retail will see the difference in sales and what consumers are buying, which is probably going to be a lot less than years past.

http://www.time.com/time/business/article/0,8599,1878843,00.html

Despite Economy, Wal-Mart Sales Rise

The title of this article is not surprising. Wal-Mart has been doing very well, even during a time of economic downfall. Wal-Mart's same store sales rose 2.1% in January, which is higher than the stores own forecast. But what keeps customers shopping at Wal-Mart?

Wal-Mart keeps consumers shopping in its stores by offering the lowest prices possible. People are looking to save money any way they can, and Wal-Mart offers a wide range of products at unbeatable prices. Also, the store offers necessities like groceries and personal care products, which are what consumers are buying these days. They don't have extra money to splurge on items they don't need to survive. They also don't have money to shop at fancy grocery stores or department stores where you pay more money for basically the same product, just a different atmosphere and service.

http://www.time.com/time/business/article/0,8599,1877448,00.html