The Economic Danger of the Retail Store Closing List
76Retail Store Closings Give Insight Into Credit Contraction
Retail store closings are mounting. I will try to keep this updated.I will first list the current retail store closing list for 2009. 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 boldfaced 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?
See results without votingTax Receipts Don't Lie.
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
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Retail Store Closing List 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.
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Retail Sales Information
retail store closing list in the News
- CoStar's Retail News Roundup: Feb. 7-13, 2010CoStar Group34 hours ago
This week in the Retail Roundup, CoStar reports on expansions or new concepts at Casual Male, Coach, Subway and Chick-fil-A; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Disney Store, Movie Gallery, Car Dealerships, Walking...
- Good Harvest Market is closing Third Ward locationOnMilwaukee.com10 hours ago
After 15 months, Good Harvest Market is closing its Downtown Milwaukee location in the Historic Third Ward.
- M&S still keen on new food store schemeShropshire Star11 hours ago
Retailer Marks & Spencer said today it was still interested in creating a Simply Food store in Shrewsbury.
- Hollywood Video closing in Cedar Rapids, Iowa CityThe Gazette7 hours ago
Hollywood Video stores on Highway 6 West in Iowa City and 2020 Edgewood Road SW are being liquidated as part of a corporate bankruptcy. Movie Gallery announced on Feb. 2 that it will immediately close 760 locations as part of a Chapter 11 bankruptcy reorganization. Movie Gallery operates the Hollywood Video, Movie Warehouse and Game Crazy retail chains. In Eastern [...]
- Hearts on Fire to cut more than 120 retailersNational Jeweler3 hours ago
Boston--Hearts on Fire announced Tuesday that it would begin closing "underperforming accounts" at more than 120 retail stores and will put its focus on the stronger partners that remain.
- Independent bookshops 'closing at rate of two a week'Guardian Unlimited9 hours ago
Figures from the Booksellers Association show 102 shops closed in 2009, leaving just 1,289 left in business The UK's only specialist crime bookshop, Murder One, shut up shop at the beginning of last year, Lancashire's award-winning Kaydee Bookshop was forced out of business after making a loss for five years running and 2009 also saw the closure of popular south London independent Crockatt ...
- Hollywood Video closing in Cedar Rapids, Iowa CityThe Gazette12 hours ago
Hollywood Video stores on Highway 6 West in Iowa City and 2020 Edgewood Road SW are being liquidated as part of a corporate bankruptcy. Movie Gallery announced on Feb. 2 that it will immediately close 760 locations as part of a Chapter 11 bankruptcy reorganization.
- New Mesa marketplace thinks outside the (big) boxThe Arizona Republic9 hours ago
Investor hopes to turn old Mervyns store on Main Street into posh marketplace.
The Birth/Death Model Flawed. More Businesses Died Out Without New Ones Being Born.
- Massive revision to show recession was even worse Capitol Report - MarketWatch
On Friday, the governments official data on U.S. employment will be updated to reflect what everyone already feels: In terms of job losses, this has been the worst recession since the end of the World War II more than 60 years ago. But the data them
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Comments
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.
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 !!!
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.
All very worrying
Yes Ethel it is worrying. Now we see that people spent less per person than last year in the Black Friday shopping.
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.
I am with you Melvin, in hoping that, but I am more pessimistic at this time. We will see.
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?
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.
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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Tom Whitworth says:
3 months ago
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.