Can Back-to-School Sales Save Struggling Retailers?
Last year’s back-to-school and holiday seasons were the beginning of a dismal period for retailers. This year, with many experts predicting that we are coming out of the recession, back-to-school season may be the light at the end of the tunnel that retailers have been looking for. Poor sales this time a year ago edged many retailers into bankruptcy and liquidation. Remember Circuit City? Others could go the way of the former electronics giant if this shopping season doesn’t yield better results. Lucky for retailers, recent polls have shown signs that better sales may be just around the corner. Last week’s Gallup poll on consumer spending saw average daily spending rise to $79, its highest level this year and an increase of nearly 50 percent from the Aug. 2 figure of $53, a sign consumers are starting to partake in back-to-school shopping. During the Aug. 2-16 period, the poll also shows consumer confidence edging slightly higher, with 2 percent more of respondents saying the economy i
