“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset.
Retail spending has increased in seven of the past 10 months through March.
“If you want to convince consumers to spend you have to give them a reason to do so.
Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever.
Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.
Persons:
Sarah Wyeth, ”, Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, “, ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena
Organizations:
New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, “, Cheese, Stambor
Locations:
New York, Hallandale Beach , Florida