The idea of trading down is different from cross-shopping, when shoppers buy kitchenware at Target and status handbags at Neiman Marcus. Shoppers cross shop to have a more eclectic style, but trade down to cheaper stores as a sign of financial stress, experts say. Amanda Curry, a waitress and bar manager from Riverview, Mich., said she normally shops at Somerset, an upscale mall with Nordstrom and Macy’s department stores. Now, she is looking at places that offer lower prices. This year’s destination? “Meijer, Wal-Mart – J.C. Penney, probably,” she said. “My income’s not as high as it used to be,” she said, noting she now has a 17-month-old daughter. Monica Tang, a retail strategist at Kurt Salmon Associates, agrees that certain shoppers are trading down to less expensive stores, but she doesn’t see it as a slam on the brakes. They are finding easier ways to cut back if they are looking to reduce their spending, she said. The trend is starting to play in the hands of Wal-Mart Stores Inc., which has stepped up discounting after suffering its worst holiday season on record last year. Last week, the discounter recorded an 8 percent profit increase, and analysts say it could benefit from shoppers trading down this holiday season even as its core customers pull back. NEW YORK – That $3.20 latte at Starbucks or the $300 handbag at Coach may no longer be affordable luxuries. Feeling squeezed by gas prices and weak credit, the nation’s shoppers are increasingly trading down to lower-price stores or cheaper items. Such changes – which emerged this past summer and surfaced in the latest financial results for retailers – could alter dynamics of the holiday shopping season as it officially kicks off today. For some shoppers, it could be as drastic as buying all their clothes at discounters instead of department stores. For others, it could be as subtle as buying a wallet instead of a handbag or one latte per week at a fancy coffee shop and deli coffee on the other days. The trend could benefit discounters, warehouse clubs and drug stores while hurting department stores and mall-based apparel chains. Even Starbucks Inc. reported its first decline in traffic on record at its U.S. stores. “People are so cash- and credit-concerned,” retail consultant Burt Flickinger III said, noting he hasn’t seen “the trading down” phenomenon since the 1987 stock market crash resulted in massive job losses and the housing slump in the early 1990s. Drug store chains such as CVS Caremark Corp. and Walgreen Co. – both of which have been adding trendy items such as funky jewelry – are expected to be winners. Meanwhile, department stores – which enjoyed a resurgence last holiday season – have seen their fortunes reverse. Home and apparel, categories sensitive to the economy, are struggling with sluggish sales, and department stores are finding stiffer competition from the likes of offprice stores such as TJ Maxx, Flickinger said. Luxury stores such as Saks Fifth Avenue should continue to fare well this holiday season. But the aspirational luxury buyer seems to be feeling pinched, hurting results at Coach Inc., considered a bellwether for the low-end luxury market.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
27 September 2010Katutura township, in the heart of Namibia’s capital of Windhoek, came alive on Saturday as locals gathered to witness the opening of the Katutura Football for Hope Centre – the third of 20 such centres being built across Africa as a legacy of the 2010 Fifa World Cup™.This is the second centre to be opened outside South Africa. The inaugural centre was opened in Khayelitsha township on the outskirts of Cape Town last year as part of the 20 Centres for 2010 campaign initiated ahead of the World Cup, followed by a second centre in Mathare in Nairobi earlier this month.The programme aims to build 20 centres around Africa to help address some of the challenges faced by the continent, including education and public health.Five more centres are due be completed over the next four to five months in Mali, Rwanda, Ghana, Lesotho, and Mokopane in South Africa.The Katutura Football for Hope Centre boasts an artificial football turf, a computer lab and a public health services area.Speaking at Saturday’s opening, Fifa secretary-general Jerome Valcke said the centre was part of Fifa’s commitment not only to leave a post-World Cup legacy for the continent, but help also to help Africa develop in different spheres.“We have to make sure that Africa does not only provide a pool of [football] talent,” Valcke said.Namibian Prime Minister Nahas Angula said he was happy that Namibia had also benefited from the hosting of the 2010 Fifa World Cup in neighbouring South Africa.He appealed to the Special Olympics Namibia, the organisation hosting the centre, and the Namibian Football Association to engage other partners to ensure the sustainability of the centre. “We don’t want to see this centre as a white elephant in the future,” he said.Jan Coetzee, project manager at Streetfootballworld, a partner in the 20 Centres for 2010 campaign, said: “September has been a very exciting month for us. Two weeks ago, we were in one of the most disadvantaged areas in Nairobi, and today we are thrilled to be part of the opening of this centre here in Namibia.“This should be a platform for Special Olympics Namibia to perform their work. We look forward in working with them in the future.”Source: Fifa.com
Click here to EnlargeKenannakin’s 1962 war film The Longest Day had 13 heroes. Back home, Border director J.P. Dutta seems to have come close.For his next war film Tiger Hills – a post-Kargil spiel – Dutta has roped in not one, not three, but eight heroes to fortify the cast.Sunil Shetty, Ajay,Click here to EnlargeKenannakin’s 1962 war film The Longest Day had 13 heroes. Back home, Border director J.P. Dutta seems to have come close.For his next war film Tiger Hills – a post-Kargil spiel – Dutta has roped in not one, not three, but eight heroes to fortify the cast.Sunil Shetty, Ajay Devgan, Arbaaz Khan, Abhishek Bachchan, Sanjay Dutt, Jackie Shroff, Saif Ali Khan and Akshaye Khanna willstar. There’seven talk of a ninth – Shah Rukh Khan.Dutta has reportedly asked his heroes to sport crew cuts and is believed to have said, “Border was a trailer. This will be bigger.”Question: Will Tiger Hills boast nine heroines and 18 songs too?