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Article: Best Buy, other retailers having nightmares of a blue Christmas; Marketers revise budgets, emphasize value amid low profits, confidence.(News)(Best Buy Company Inc.)
- Article from:
- Advertising Age
- Article date:
- November 17, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NATALIE ZMUDA
Alarm bells, not sleigh bells, are sounding at retailers across the country.
As Thanksgiving approaches, what has long looked to be simply a dismal holiday is morphing into something far worse: a bloodbath that could sink full-year earnings and have repercussions well into 2009. Last week alone, Circuit City filed for bankruptcy; Best Buy warned of dire holiday sales; and Macy's, Kohl's, JCPenney and Nordstrom posted sharply lower third-quarter profits. On Nov. 14, Reuters/University of Michigan Surveys of Consumers showed consumer confidence at historically low levels.
All of this has left retailers to recalibrate ad ...