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 Friday
Facts - Archives -
Month
of December 2003
Current
Week
December 5, 2003
Holiday season off to a flying start. Three quick questions with Nick
Perna. All quiet on the Legislative front – except for the Governor. Washington update. Retail News and Notes.
· Thanksgiving officially kicked off the holiday shopping season and it is off to a terrific start.
· Retailers from around the state and the country have been reporting solid to spectacular beginnings and we all hope the momentum from the start of the season carries us right to the first quarter of next year.
· In our news and notes section we will have more to say about the start of the season, but if any members would like to share with us their results we would greatly appreciate it.
· We have posted on our website, www.crmaonline.com a simple survey for holiday sales that you can fill out and send to us. From the home page, click on "2003 Holiday Survey"
· Continued good luck to members!
Three quick questions
· With all the news about the economy and with member’s knee deep in Christmas sales, we thought it might be a good time to ask our favorite economist, Nick Perna to join us again in our Three Quick Questions segment.
FF: We are off to great start. Do you think this will extend to the end of the holiday?
NP: The economy is providing lot of winds to our back. Job growth is good, interest rates remain low and the stock market is moving up again. And we still of some tax cutes yet to enjoy.
FF: What impact does the stock market, which was close to 10,000 at the close today, have to do with all this good news?
NP: The stock market is very important. The so-called wealth effect. When the Dow was down to 7,000 people were poorer. Particularly in CT. where we have greater stock holdings. But as much as anything else it is psychological. Think about it, consumers get their information about the economy from the job market and the stock market.
FF: Some economists are predicating that this recent improvement in the economy will not last. That it is a short-term tick with a nasty crash at the end. What are your thoughts on that?
NP: Well, I agree and disagree. Growth at 8% will not last but we should do at least 4% throughout the rest of the fourth quarter and into the first quarter of next year.
All quite on the Legislative front
· Not much happening at the State Capitol
· It seems that the Legislature is content to let the remainder of the year go by without going back into special session and wait until the start of the regular session in February.
· It has not been a quiet week for the Governor.
· There were a number of articles that appeared this week dealing with investigation into the Rowland administration, which prompted some state lawmakers to call for stricter ethics laws.
· Look for that issue to be one of the many ongoing political battles as we head into next legislative session.
Washington Update
· You may recall from our previous Friday Facts, we told you that U.S. Senator Dodd would be a key player in the Class Action Fairness Act that is being considered by the U. S. Senate
· Sen. Dodd led the effort to bring about an acceptable compromise on this important issue for members.
· Because of that, he is being attacked from the far left. Lead by Ralph
Nadar.
· It is important that members remind Sen. Dodd that we appreciate his efforts on this issue. We would encourage members to contact Dodd’s office and say thank you for helping retailers and others in the business community. Sen. Dodd’s Washington office number is 202-224-2843. His Connecticut office number is 860-258-6940.
· We are fortunate that we have a member in the U.S. Senate like Sen. Dodd who is willing to stand up for what is fair and just for the business community.
Retail News and Notes
· Holiday shopping liftoff fuels 4th quarter optimism
After Friday’s and Saturday’s business, merchants are not wavering from previous forecasts for a healthy holiday season, marked by increased full-price selling, low to mid-single digit sales gains, and a tight grasp on inventories. www.wwd.com (12/01)
· Retailers get ready to greet the last-minute holiday shopper
According to Roper ASW and the Direct Marketing Association, three-quarters of Americans do not complete their holiday shopping until after Thanksgiving, and this year, the situation is more acute than in years past. The news is welcome to retailers this holiday season, which is expected to be stronger than last year's. Media Life (12/2)
· Black Friday goes online too
Early reports show online sales last Friday were up 36% compared to 2002. The strongest sales were in computers, music and video games. Internet Retailer (12/1), San Diego Union-Tribune/Associated Press (12/2)
· Retail theft expected to increase
Retail theft is on the rise, and retailers expect it to get worse during the holiday shopping season, according to an annual survey by Jack L. Hayes International. Retailers are fighting back by increasing customer service and implementing stricter security measures. A separate survey conducted by Hayes International shows shoplifters spend more time in stores, steal more merchandise and take more big-ticket items. American City Business Journals/Orlando (11/24)
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