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Icons surviving in the retail slump

Posted by: 2UE | 3 September, 2012 - 5:01 PM
Clover Moore's policies driving companies & retail away from CBD

Retail sales have slumped as consumers continue to worry about the economy and job security. John Stanley with one iconic local store surviving the retail slump as shoppers hang onto their hard-earned savings.


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Department store sales collapsed by just over 10 per cent in July for their biggest monthly fall in seven years, while spending on groceries was fairly flat, official figures today show.

CommSec chief economist Craig James says federal government handouts and lower tax rates had not had a sustained effect on boosting retail activity.

Mr James says Western Australia, which has been the stalwart of retail activity, also tracked lower for the first time in 2012 although it was too early to tell whether the slowdown in mining activity had played a part. (AAP)

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Harvey Norman's full year profit has plunged 32% due to tough trading conditions, especially for TVs and electronics. Gerry Harvey says liquidations created a glut of product sold at never before seen prices.

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