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Online Retailers Feel Pressure from Bankruptcy Sales
Produced by Adriene Hill on Monday, December 01, 2008
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Today is known in the retail industry as “Cyber-Monday”— a day when many retailers offer online deals. But it may be tough going for some online stores.
If the retailers had their way, we’d all spend the day at work surfing the net for bargains instead of actually working. According to the National Retail Federation, 80-percent of online retailers will offer some sort of promotion today—to entice shoppers to spend money for the holidays. But economist Diane Swonk thinks it may be a tough sell this year.
SWONK: I think we’re not going to spend as much volume as we usually do. I think the competition in brick and mortar because of these fire sales that we’re seeing, literally with an enormous amount of retailers going out of business before the holiday season. It’s just going to be very tough for electronic to compete.
She says there are going to be a lot of deals, but the dreary economy means consumers are just not in the mood to spend the way they have been in the past.
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