Shoppers of New York now prefer to relinquish even low-price stores and are opting department stores that have reinvented themselves with better fashion trends.
According to the International Council of Shopping Centers the department store sector posted its best performance since January 1997, while wholesale clubs had their weakest results since January 2005.
The department stores are better poised this holiday season than they have been for many years according to a research firm.
Department stores' newfound success will have a psychological effect on the industry.
Still, declining gasoline prices, which have fallen 50 cents a gallon in recent weeks, should help ease concerns about jobs.
Economists had worried that rising energy costs would derail the labor market as companies look to cut costs by laying off workers.
marketing@alchempro.com
