Retail sales plunged significantly across the board in October, as high- and low-end retailers alike braced for what could be a tough holiday shopping season.
According to the New York Times, which in citing the Goldman Sachs Retail Composite Index described the numbers as a "remarkable slowdown" brought about by the financial crisis.
In fact, with the exception of such discount outlets as Wal-Mart, Costco and BJ's Wholesale Club, virtually every one of more than 25 retailers that reported results this week reported a decline in same store sales, most of them by double digits.
The numbers, however, will come to the advantage of consumers, who will likely see significant discounts on a whole host of items. This includes electronics; NPD Group's chief industry analyst, Marshal Cohen, told the Times that "you can get anything, anywhere, at any price.”
