Shoppers, worried about job security and finding fewer options among the sales bins, remained tight-fisted in July, resulting in sluggish sales for many merchants and raising concern about the back-to-school shopping season’s health. As merchants reported their sales figures today, mall-based chains continue to be hit hardest as consumers focus on necessities. Among the disappointments were Macy’s Inc., and teen retailers Abercrombie & Fitch Co. and Wet Seal Inc. Among the few bright spots was discounter TJX Cos., operator of the T.J. Maxx and Marshalls chains, which reported a sales gain that exceeded Wall Street estimates. “The consumer is stressed and depressed,” says Ken Perkins, president of retail consulting firm Retail Metrics. “Back-to-school shopping season is going to be very late.”
Sluggish July sales show tight-fisted consumers
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