Retail Industry Weekly News April 5 - 11, 2009: U.S. Consumer Spending Shifts

Many people who looked at the weekly news about Chapter 11 filings, store closings, and same store sales last week drew inferences from the numbers about the depth, breadth and length of the U.S. retail recession. Taken from a broader perspective, though, the failings and fallings of Blockbuster, the ins and outs of retail bankruptcies, and the consistent trends found in key sales results are revealing a shift in U.S. consumer buying preferences that is likely to be long lasting and permanent.

Everything that’s currently happening in the retail industry is not just about the recession.

The movements in and out of Chapter 11 status last week was the most notable news that came out of the retail industry. Two companies, Vicorp and Joe’s Sporting Goods, got themselves out of Chapter 11 status last week, but in two very different ways.

The parent company of Bakers Square and Village Inn restaurants, Vicorp, emerged from Chapter 11 last week after more than a year in that reorganization status when it was purchased for $55 million by an investment group. The new investors currently plan to keep the 267 restaurants in 25 states operating.

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