Groceries sales up, Plazma TVs sales down
Steve Bolden stood in the aisle of Wally’s Supermarket in Marysville holding a print out showing the items at the grocery store on sale.
Bolden, with two boxes of Spartan brand cereal in his cart alongside packages of ramen noodles, said when he shops, “I’m looking for the deals” — and skipping local eateries.
“Eating out is not in the budget plan anymore,” the 31-year-old Marysville resident said.
Bolden isn’t alone.
Grocery store sales across the country increased 6.1% in the first 10 months of this year, compared with the same period in 2007, according to the U.S. Census Bureau.
That makes the food sector something of a bright spot in an otherwise dismal retail industry.
A rash of store closings, which some experts predict will be the most in 35 years, is likely to cut across areas from electronics to apparel, shrinking the industry and leading to fewer niche players and suppliers.
“No store is safe here. I’ve heard analysts talking about grocery stores, drug stores, discount stores,” Grant told CBS News.
The most dramatic pullback in consumer spending in decades could transform the retail landscape, as thousands of stores and whole malls close down. And analysts expect prolonged woes in the industry as the dramatic changes in shopping behavior could linger for another two or three years amid worries about the deteriorating economy and rising layoffs.
“You are going to see a substantial retrenchment in the retail industry,” said Rick Chesley, partner in the global bankruptcy and restructuring group at international law firm Paul Hastings. “The downturn has been catastrophic.”
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