FINANCE

Wal-Mart CEO: ‘Fiscal Cliff’ talk hurting holiday spending

BY Katherine Boccaccio

New York — In a Tuesday night address at the Council on Foreign Relations in New York City, Wal-Mart Stores Inc. president and CEO Mike Duke didn’t shy away from discussing the fiscal cliff, saying that the current debate is having a negative impact on consumer spending.

"A week before the election, only 25% of our core customers even knew what fiscal cliff meant," Duke said. "One week after the election, it was up to 75%. Now, [among] these same customers, 15% are telling us this discussion about the fiscal cliff will affect what they spend on Christmas."

Duke described Walmart customers’ economic and financial conditions as "fragile." He said he shared his customers’ thoughts with President Barack Obama a week after the election, and since the president was interested in hearing more about how Wal-Mart shoppers were feeling, he has continued to share this polling data with the administration.

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OPERATIONS

Chase: Green Monday top-five shopping day so far

BY Katherine Boccaccio

New York — The Chase Holiday Pulse on Wednesday revealed that Green Monday, Dec. 10, sales showed a 10.7% year-over-year increase over Green Monday (Dec. 12) in 2011, mainly driven by merchant deals and discounts on popular gift items.

Overall sales volume for the week commencing December 3rd grew 7.1% compared with season-to-date growth of 12.2% year-over-year. For transactions, volume for the period increased by 9.3% compared with a season-to-date growth of 22.5%. Mass Market and Home categories showed a year-over-year increase of 22.9% and 14.8% respectively for the same period.

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M.Strom says:
Dec-13-2012 01:44 pm

Green Monday
Green Monday no longer holds the title for generating the most green in terms of online sales. Green Monday will also cross the $1 billion threshold. Bankruptcy is unlikely :)

M.Strom says:
Dec-13-2012 01:44 pm

Green Monday no longer holds the title for generating the most green in terms of online sales. Green Monday will also cross the $1 billion threshold. Bankruptcy is unlikely :)

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FINANCE

MasterCard Spending Pulse shows small retailer rebound in November

BY Katherine Boccaccio

Purchase, N.Y. — A SpendingPulse report released Wednesday by MasterCard Advisors in partnership with Wells Fargo found that spending at small retailers in November picked up a percentage point since October, showing a 5.2% year over year improvement.

This was enough to put its growth rate from October to November at 0.7%, more than the growth rate of total U.S. retail sales.

The November report also found that when gasoline sales are removed, the year-over-year sales growth rate improved by 0.6%, rising to 5.8%, a considerable improvement over October’s 3.6% rate.

Michael McNamara, global solutions leader, MasterCard SpendingPulse said: “November sales were negatively impacted by weather events especially in the Northeast; however, across the country as a whole, smaller retailers showed a good rebound from the slowing growth in October. That said, November’s pick-up alone isn’t enough to stem the downward momentum in small business sales growth that we’ve been observing since February.”

On a year-to-date basis, the sales growth rate excluding auto for small retailers is 7.1% from January through November 2012, compared with a 5.3% growth rate for retail overall during the same time period.

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A.Smith says:
Mar-21-2013 06:26 am

This might be a sign that
This might be a sign that consumers are in the position to lead the growth in spending, which will positively boost the recovery of the economy. - JustFab

A.Smith says:
Mar-21-2013 06:26 am

This might be a sign that consumers are in the position to lead the growth in spending, which will positively boost the recovery of the economy. - JustFab

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