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Retail Giants Likely to Shrink in '09
By Kevin Spak
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Posted Mar 15, 09 11:15 AM CDT
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(Newser)
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Retailers are fighting to survive in 2009, some more successfully than others. Some 73,000 stores could close their doors by year’s end. Forbes breaks down which chains are shrinking the fastest:
- Ann Taylor: Catering to working women isn’t so great when unemployment’s at 8.1%. Expected sales drop: 17.3%
- Saks: November’s 70%-off sale didn’t help, and it’s already been forced to lay off 1100. Expected sales drop: 26.2%
- Abercrombie & Fitch: Teens must be getting less allowance. Expected sales drop: 14.9%
- Home Depot: If you fear foreclosure, you’re not going to fix up your house. Expected sales drop: 11.5%
- Office Depot: Companies cutting staff are cutting back on office supplies, too. Expected sales drop: 13.6%
- Borders: Book publishing is shrinking, and so are booksellers. And Barnes and Noble and Amazon are kicking Borders’ butt. Expected sales drop: 15%
For many more, click the link below.