Quoting in part from Karl Denninger:
"Hmmmm.... Sales by U.S. stores open at least a year fell 1.6 percent in the three months ended Jan. 31, the Bentonville, Arkansas- based company said today in a statement. Wal-Mart had projected sales to decline no more than 1 percent. The retailer reduced prices on laptop computers, along with turkeys and cranberry sauce for holiday meals, as job losses crimped demand.
"Price deflation is hurting sales" was one of the comments they made. Price deflation eh? I can confirm this is everywhere. Places that I don't expect to run sales at all are. Big. 2-for-1 (what is called "bogo" in the business, or "buy one get one"), 70% discounts and other similar schemes. The local Publix food retailer has, over the last couple of months, stepped up big with the discounting in what is pretty clearly an attempt to keep people in the stores."
Locally, I can confirm this is the case. Shoppped at three grocery's and one discount $ store within the last few days. Stocked up again because extra funds were available and bargains lined the aisles!
As usual, I advised a couple family members do likewise. Alas, my oldest son is "stocked up with Schwan's," my youngest son has just moved and "has no room for groceries right now," and my youngest sister just got a new job so she "won't be needing the food pantries anymore because I have a job and I can shop every week."
So much for my influence on any of them. One way or another they're all fine in la, la land and I'm the crazy kook living in no man's land.