The Economic Danger in the Retail Store Closing List

Retail Store Closings Give Insight Into Credit Contraction

Retail store closings are mounting. I will try to keep this updated. The list is updated through the end of 2010 with a link to 2011 stats as well. Bear in mind that this list has contributed to massive unemployment, although the loss of manufacturing jobs has also contributed.

My issue with government statistics is that, for example, third quarter GDP is about to be revised down from 3.5 percent to 2.8 percent and now down to 2.2 percent. That is huge. We also know that tax receipts are way down for the states, declining 9.2 and then 8.5 percent in the most recent data. These two facts, coupled with the store closings, make the government's stats regarding flat or slightly increasing sales suspect to me and even a bold-faced lie.

From the site above:

"But a closed store is ignored in the month it fails, and the traffic that shifts FROM it to other stores pumps their comps .vs. the previous month. Therefore, as stores close it looks like retail activity actually increased when in fact at best it was flat...

...If you were wondering how we can possibly have "improving" retail sales data when sales tax information from the states refuses to reflect this alleged "improvement" in retail sales, along with how states can post double-digit sales tax declines while "retail sales" are down by a much smaller percentage, you now understand. The Census Bureau intentionally lies by omitting the "zero" for a store in the month it closes - that loss of sales is never reported - not even retrospectively in a revision the next month."

Since we have massive store closings, this number for the retail sales survey is incorrect. This is just one more manipulation of data to help the stock market for benefit of the investor class by the government.



Poll: What Do You Think About The Government Figures?

Do You Believe the Government Figures on the Economy?

  • Yes, they are good economists
  • No, they are pumping the economy up to get people to spend more
See results without voting

Tax Receipts Don't Lie.

This state budget revenue decline doesn't jive with flat to increasing sales figures.
This state budget revenue decline doesn't jive with flat to increasing sales figures.

405 Blockbuster

633 Borders

200 GameStop

160 f.y.e.


See the link above for the complete projected 2011 list.
117 Anchor Blue

117 Foot Locker

100 Talbot's

71 A.J. Wright

69 Metropark

60 Rite Aid

50 Abercrombie & Fitch

50 Hot Topic

2010 End of Year Store Closing List

2010 Retail Industry Store Closings, Including Downsizings, Liquidations, and Chains Going Out of Business: (Updated 10-12-10)

2,415  Movie Gallery(Hollywood Video, Game Crazy)

1,000   Quizno’s

690    Blockbuster

200    Waldenbooks (Borders)

175    Ford Lincoln Dealerships

173    Jones Apparel

149    f.y.e.

145    Men’s Wearhouse

120    Charming Shoppes

117    Foot Locker

117    The Walking Company

114    Payless

100    AFC (Popeye’s)

100    GameStop

90      Popeye’s

87      Liz Claiborne Outlets

80      Gap

79      Penn Traffic

72      Ann Taylor

60      Abercrombie & Fitch

58      Rite Aid

57      Genesco (Journeys, Underground Station, Hat World, Johnston & Murphy)

50      B. Dalton (Barnes & Noble)

50      Limited

More are found at About.com

Retail Store Closing List 2009 from About.com

Here is the alphabetized link from About.com:

Here is the list with most stores to least with the link for all the stores at the bottom of the list:

960 Blockbuster

789 Chrysler

567 Circuit City

461 KB Toys

450 Movie Gallery (Game Crazy, Hollywood Video)

365 Ritz Camera

273 Starbucks

287 Goody's

265 Jones Apparel Group (2009 & 2010)

240 Waldenbooks

191 Zale Corporation

175 Van Heusen

163 Ann Taylor (by 2010)

161 InkStop

160 Family Dollar

150 Popeye's (AFC Enterprises)

135 S&K Famous Brands Inc.

130 Advance America

129 Boater's World

125 F.Y.E. (Trans World Entertainment)

121 Eddie Bauer

118 Office Depot

117 Rite Aid

104 Finlay Enterprises

102 Payless Shoes

100 Albertsons

100 Charming Shoppes

100 Gap, Inc.

98 Club Libby Lu (Saks)

85 NextCen Brands (Great American Cookies, MagieMoo's, Marble Slab Creamery, Pretzelmaker)

84 Samsonite

81 Saab Dealerships

77 Game Stop

75 J. Jill

75 Signet Jewelers

70 Famous Footwear (Brown Shoe Co.)

60 Arby's

60 Collective Brands

60 Dominos

59 Advance Auto Parts



The rest of the list and other store closing information can be found here.


Even these doctored numbers are not that great.

Data in Millions
Year …… Sep …… Oct …… Nov …… Dec
2005 …… 309,123 …… 310,618 …… 313,556 …… 313,517
2006 …… 321,865 …… 322,662 …… 324,328 …… 328,449
2007 …… 335,174 …… 336,814 …… 342,772 …… 339,115
2008 …… 327,651 …… 316,793 …… 307,463 …… 298,949
2009 …… 305,865 …… 309,791 …… 314,086 ……
Month on Month Growth
2005 …… ----------- …… 0.48% …… 0.95% …… -0.01%
2006 …… ----------- …… 0.25% …… 0.52% …… 1.27%
2007 …… ----------- …… 0.49% …… 1.77% …… -1.07%
2008 …… ----------- …… -3.31% …… -2.95% …… -2.77%
2009 …… ----------- …… 1.28% …… 1.39% …… -----------
Year On Year Growth
2006 …… 4.12% …… 3.88% …… 3.44% …… 4.76%
2007 …… 4.13% …… 4.39% …… 5.69% …… 3.25%
2008 …… -2.24% …… -5.94% …… -10.30% …… -11.84%
2009 …… -6.65% …… -2.21% …… 2.15% ……
This Year On Peak Year (2007)
2009 …… -8.74% …… -8.02% …… -8.37% ……

Courtesy: http://www.marketwatch.com/story/holiday-miracle-on-main-street-2009-12-11#comment3288585

Retail Sales Information

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Comments 11 comments

Tom Whitworth profile image

Tom Whitworth 7 years ago from Moundsville, WV

Gary,

I believe all former Enron economist have taken government employment. It's from the economic school of if you don't like the numbers just make up some you do like.


bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada Author

Tom that is really true. But Enron didn't have an ironclad guarantee from the government. That is why Lay died defending himself in a futile manner and Skilling is in jail.


Army Infantry Mom profile image

Army Infantry Mom 7 years ago

This hub was right on time and I checked the detailed list through the link. I have 2 teenagers both begining to job search,..I definatly will be sharing this with them,...I know BlockBusters won't be hiring any time soon. Great hub and Thanks !!!


bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada Author

Blockbuster is in real trouble army mom. I think Netflix is really doing well right now.

It is unfortunate that more businesses will likely close after this holiday season.


ethel smith profile image

ethel smith 7 years ago from Kingston-Upon-Hull

All very worrying


bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada Author

Yes Ethel it is worrying. Now we see that people spent less per person than last year in the Black Friday shopping.


Melvin Campbell 7 years ago

This list is depressing. So many consumer businesses are in trouble. Here's hoping that 2010 will include economic recovery, even if it's just a start.


bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada Author

I am with you Melvin, in hoping that, but I am more pessimistic at this time. We will see.


AZGuy profile image

AZGuy 6 years ago

Thanks for the great article. Yes, the state and local governments are experiencing a precipitous fall in tax revenue. Take Arizona, for example, where the budget gap is currently $1.5 Billion and is expected to be $3.2 Billion in the next fiscal year. To say the least, it doesn't look good. State of AZ hasn't had to borrow money since the 1930s. The state had recently borrowed $700 million to meet some obligations but apparently blew through that credit line within a very short time. Even if you laid off 50% or more of state workers here, it would not fix the budget deficit. Now what?


bgamall profile image

bgamall 6 years ago from Las Vegas, Nevada Author

Send the kids to school 4 days a week like they are starting to do in Hawaii. Cut all government workers to a four day week which is being considered in Reno to avoid massive layoffs of essential city workers.

Then boot the private Federal Reserve bank off our shores, and let the insolvent banks go under. The government can issue her own currency and establish new banks.


OpinionDuck profile image

OpinionDuck 6 years ago

bgamall

Great hub and nice angle on the issue.

What most people apparently don't understand is that statistics don't give you the true story of anything they represent. They do however show you what the people that had the statistics generated, want you to see.

Take the simple statement which is also an example of the zero ommission that you mentioned, 4 out of 5 doctors recommend medication X. This infers that 80% of doctors recommend this medication. The problem is that we have just the conclusion without all of the supporting evidence of this poll. Information on things like, how many doctors were polled, what kind of doctors were they, what question were they asked about this medication, etc.

An Excel Spreadsheet can generate reams of reposts and charts on even the simplest statistics.

The size of government (Federal, State and Local) is at least double what it needs to be as an effective public servant.

Homeland Security while it has shown itself to be utterly ineffective against terrorism, added a huge layer of government fat, as will the passage of the National Health "Servitude" bill.

If you want to talk about State Budget Deficits, just look at California for they are the poster child of government greed and impotency in serving the people.

Great hub, Thanks

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