Retail Economics

Thursday, January 08, 2009

Lynn Thomasson, stock market reporter for Bloomberg News, discusses declining sales and an increasing number of layoffs in the retail industry.

James Parrott, chief economist at the Fiscal Policy Institute, a liberal think tank, and Leslie Price, senior editor of Racked, discuss New York City's retail sector.


James Parrott, Leslie Price and Lynn Thomasson

Comments [9]

Hugh from Crown Heights

James Parrott is right. The political science and economic evidence has been in for over twenty years. Floors work. Minimum wage works, contrary to the Chicago School dogma. (By the way, this is also true in funding political campaigns.)

Floors ensure access, ensure survival.

Isn't it striking that right-wing fanatics are happy to embrace "trickle down" theory. But they reject "trickle up" theory.

If you don't have the money, you just cannot buy. We got around this for 50 years with the invention of credit cards. Now the credit collapse sinks that model.

The only solution is to ensure that people have a foundation amount to spend.

Jan. 08 2009 10:46 AM

Retail used to be a proud profession like many others.

When Giuliani opened NYC's door to Corporate retail in the mid 90s this instantly changed. The experience for the retail shopper is often negative and the profession is gone, replaced by workers who are treated like any other commodity.

Jan. 08 2009 10:46 AM
John Lobell from Mahnattan

What I find disgusting about all this is that NYC bans WalMart from NYC, which could be a huge source of low end jobs and cheap good for us with limited means.

Jan. 08 2009 10:45 AM
david from NYC

The problem is that its all about profit, profit, profit, take this shopping season as an example retailers claim retail sales were down this year. gee I wonder why maybe because things were over priced on goods consumers needed. the only items that were given discounts and enourmous sales were on the crap no one wanted to buy, no discounts or sales on things consumers want, so blame yourselves and your corporate greed.

Jan. 08 2009 10:42 AM
Hugh from Crown Heights

I'm already seeing a noticeably larger number of "Retail Space Available" signs in Brooklyn and Manhattan.

Maybe someone _not_ wedded to the Chicago School of Economic Lies will begin to think: "Gee, if wages are constantly cut, if jobs are constantly cut, it turns out -- surprise, surprise -- that people can't buy as much!"

Henry Ford made this observation something like 80 years ago on seeing some of the new automated manufacturing techniques. His question about the early proto-robots: "But do they buy cars?"

Jan. 08 2009 10:40 AM
Ian from Brooklyn NY

Brian, my wife and I were out at the new Tangers Outlet in DeerPark yasturday. The sales are unbelievable. I seriously am talking about 70% off in certain stores. And it was a ghost town. The bargains are there but the consumers aren't.

Jan. 08 2009 10:40 AM
Leonardo Andres

so much for my back up plan to get a retail job, while i find another job, when i eventually loose my job in the building industry

Jan. 08 2009 10:35 AM
Beth from woodside

PLEASE consider a show on what to do with all those empty box stores. As retail takes a nose dive, it will strand the abundance of big boxes that have sprouted up everywhere. While I'll not mourn the loss of a Lowe's, or a Target, or a Walmart, I do mourn the waste of resources. There has got to be some use for those monstrosities, particularly the ones sitting in former agricultural fields in the countryside. I am not talking about the usual- a run-down indoor flea market.That isn't going to work. I am thinking about a self-sustaining concept. New gallery space? Windfields? Solar fields? Please open this up to your listeners and provide them with a real challenge that will make a difference.

Jan. 08 2009 10:33 AM

Re abused, underpaid, unhelpful and rude store workers:

I am so grateful for

Jan. 08 2009 10:16 AM

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