Best Buy just announced sales have dropped sharply. This is an obvious bad sign and portends a slow holiday season. Consumer are the driving wheel of the economy.
“Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we’ve ever seen. Best Buy simply can’t adjust fast enough to maintain our earnings momentum for this year.”
This after the poster child for stupidity, Circuit City, filed for bankruptcy. (Yes, I’d call firing all the top salespeople in a lunatic effort to save money a monumental act of stupidity.) Everyone knew the Circuit City bk was coming, yet buyers haven’t flocked to Best Buy, rather, they’ve just stayed home. Even with all the discounting.