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I know it sounds counter intuitive (at least it must to OUR corp execs) but I think the best thing for these chains to do is to re-invest in their payroll. The only way they're going to stay at all competitive with online is to offer better, faster, and more personal service. Unfortunately they seem to have spent too long going in the other direction with cutting budgets and cutting staff as if they think they can compete on price alone.
CEOs don't care one iota about the business. It is peripheral.
What they care about is an endless stream of free money, via corporate bond issuance, courtesy of the Feds which they use to buy up their own stock options making them instant billionaires. This is how ZIRP totally warps our economy.
I would even offer up just life experience recently.
Walking through the retailers at the end corners of malls. I hit up JC Penney, Sears and some others and the prices are just ridiculously low lately. It's like they can't give away the stuff. Take the already marked down prices, plus the 30-50% flyer coupon and man, it's at Walmart prices or even less.
My family and I are moving towards minimalism--buying only what is really needed if at all possible and donating a lot of things that aren't used or needed to Goodwill. I'm personally tired of the buy-buy-buy culture and appreciate having less to keep up/keep clean. Experiences over excess stuff is where I'd like to believe our culture is headed.
my family and i are moving towards minimalism--buying only what is really needed if at all possible and donating a lot of things that aren't used or needed to goodwill. I'm personally tired of the buy-buy-buy culture and appreciate having less to keep up/keep clean. Experiences over excess stuff is where i'd like to believe our culture is headed.
My family and I are moving towards minimalism--buying only what is really needed if at all possible and donating a lot of things that aren't used or needed to Goodwill. I'm personally tired of the buy-buy-buy culture and appreciate having less to keep up/keep clean. Experiences over excess stuff is where I'd like to believe our culture is headed.
Same here. I used to enjoy shopping, not anymore. I only buy what I need. One of my kids is a big spender just told me she went to thrift shopping for her sorority event because she does feel the need to waste money on a one time event. Up until now we never shopped at a thrift store. Maybe our culture has been shifted from buying to not just buying whats needed.
Things were slow up until about a month ago and now they've picked back up again. But we are the resale shop (upscale thrift store). It was slow for about two or three months, not sure why but that was then, now it's back to normal again.
My family and I are moving towards minimalism--buying only what is really needed if at all possible and donating a lot of things that aren't used or needed to Goodwill. I'm personally tired of the buy-buy-buy culture and appreciate having less to keep up/keep clean. Experiences over excess stuff is where I'd like to believe our culture is headed.
We've done same in the last number of year and tend to agree with your sentiment.
I work at the local hardware, and business has been very good for the last 5 months or so and also the last couple of years have been decent. Of course a local hardware is not the kind of business that many people consider as retail. We are primarily a needs driven business and less so a wants driven business.
1. The rich are getting richer. The middle class is losing ground. The poor are getting poorer. The middle class is the engine that keeps the American economy running.
2. Health insurance and health care costs are sucking the middle class dry. Costs have skyrocketed in recent years.
3.Texas has been hit by the oil price crisis. Layoffs, insecurity with jobs.
4. Maybe part of it is the older people who were laid off during the Great Recession and not re-employe have thrown in the towel and are now on a fixed income, which greatly reduces spending power.
5. As the Boomers retire, I suspect that many will reduce spending, since their income will go down.
6. People are also doing more shopping online.
I recently retired, so have cut spending waaaaay down. I am no longer buying new athletic shoes if I don't really need them, no new clothing. I was always frugal, but now I'm even more so.
I do more and more shopping online, when I do have to buy something.
I know it sounds counter intuitive (at least it must to OUR corp execs) but I think the best thing for these chains to do is to re-invest in their payroll. The only way they're going to stay at all competitive with online is to offer better, faster, and more personal service. Unfortunately they seem to have spent too long going in the other direction with cutting budgets and cutting staff as if they think they can compete on price alone.
I do think it's price. Price price price. I shop where I get the best price, even if it means shopping at Sam's or Costco where you have to warehouse shop and get no service to speak of. Who cares? I care about cost.
My family and I are moving towards minimalism--buying only what is really needed if at all possible and donating a lot of things that aren't used or needed to Goodwill. I'm personally tired of the buy-buy-buy culture and appreciate having less to keep up/keep clean. Experiences over excess stuff is where I'd like to believe our culture is headed.
Me, too. Cleaning out my house to sell it, I thought I was good at not being a hoarder. But I have a lot of unnecessary stuff that I paid for over the years. I'm trying to think before buying: Do I really need this? If I don't need it, how much do I really really want it? Can I do w/o this? Is there a lower cost alternative?
I clip coupons and watch for sales. I cut cable, and now stream.
Economize economize. I'm trying not to waste money. We live in such a consumerism society. Someone always seems to be telling me to buy something...whether it's a billboard, on tv, on the radio, or calling me, or knocking on my door.
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