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Masses vs Classes

11/28/04 | by david2 [mail] | Categories: General
Howard Davidowitz, CEO of Davidowitz and Assoicates talks about retail sales forecasts this morning on Weekend Edition.

He points out how stores such as Nordstroms and other high-end retail stores catering to the classes are doing very well, whereas stores such as Walmart that cater to a lower rung on the economic scale, the masses are barely going to keep pace with last years sales leveels.

"We'll just squeak by this year, but next year's going to be scary. With savings at a historically low rate of 1% and with home equity being used as a piggy bank and with interest rates on the rise, and with energy costs continuing up, it's going to be very scary"
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