Really??? I don't go to malls, but my mom does sometimes and she went during her lunch the other day and said there were literally only 3 cars parked for people to be in the Dillard's, so a lot less busy than normal (we're in the Dallas area, this was the Firewheel mall). A lot of stores are closing up shop or going out of business here in the US, I saw a list the other day, and I've seen quit a few "store closing" sale banners. People are still in denial, though, for the most part. It always amazes me on the message boards I'm on to see a posts about how these ladies' husbands lost their jobs next to a post about how if you don't have a lot of money is paying for a DSLR (expensive digital camera) worth it.
I'm hearing California is not taking it too well. For obvious reasons. In the outskirts of Vegas, there is a tent city. Kinda like a Hooverville of the Great Depression. Oh and states are broke, crying for money from Federal Government. Funny and sad at the same time.
We were at Stonebriar, Galleria and North Park. We had to drive around a few times to find parking spots. WillowBend was empty but that mall is always empty.
And also here in Arizona. Vacant retail shops and offices everywhere. Mortgage brokers, title companies, builders, contractors, designers, thousands out of work. Those who say they aren't seeing evidence of a recession are wearing blinders. Malls have traffic, but they are the walking dead. And kids spending pennies. My heart goes out to anyone trying to operate a retail business while supporting a family. Brutal.
In Los Angeles, I have observed the following: - Car dealers that have been around for years closed - Restaurants closed - noticably less people going out on the weekend and an increase in at-home parties - less jobs in the classifieds - lots of obviously foreclosed properties and real estate signs - an observance by most people in the area that there is some type of bad economic activity unwinding In NJ and NYC: - car dealerships that have been around for years closed - small businesses and restaurants that have been around for years closed - one repair shop owner said to me that this is the worst he has seen it in 25 years, he only has 2 cars in his shop. this will be his worst month ever - layoffs of persons in the NYC area notably from Citigroup and Morgan Stanley among others - for-sale and foreclosure signs starting to pop up in wealthier suburbs in NJ - retail centers and malls with vacant stores, closed shops - NYC bars still have people, but noticably less busy then 1-2 years prior - NYC towing vehicles for the smallest parking offense i.e. street cleaning $45 ticket. - family has a real estate rental business and tenants are behind more then ever before with rent EBAY- - Hot items like Garmin nuvi GPS systems selling at nearly half their cost from retail stores Craigslist (everywhere)- -People willing to rent out fully furnished rooms in their house for $400-600 a month all utilities included, no deposit. Police- Police in all neighborhoods out and pulling people over for the smallest traffic offenses. Speed traps picked up 2-3 fold. Tickets being handed out in greater quantities quite noticably.
I took this pick yesterday downtown <img src= "http://images.businessweek.com/ss/07/04/0426_dow/image/2_great_depression.jpg">
web 2.0 is still thriving over 300 people replied to this tech ticker entry: http://finance.yahoo.com/tech-ticke...Cheap'-Why-Are-They-Still-Going-Down?tickers=^dji,^gspc,^ixic,SPY,DIA,QQQQ this proves that people aren't having to adjust their life style in this mental recession.
That's not really the claim. In a recession, lots of restaurants will still serve lots of guests and lots of malls will still have lots of cars in the parking lot and Dell will still sell billions of dollars worth of computers and Apple will still sell millions of iPods and etc etc etc. "Recession" doesn't mean "life comes to a sceeching halt". Maybe a positive to come out of this recession is the realization that they aren't such a horrible, tragic event for most people, and that the long term damage done by avoiding them at all costs isn't worth the ocassional, selective short term pain that comes with letting economic cycles run their course more naturally. None of this is to diminish people who genuinely suffer - there will be some, for sure, and it sucks if you fall into that category.
Here is the latest data from today only in this "mental" recession: - jobless claims highest in 16 years. - Philly Fed Index worst since '90. - Stocks reach prices last seen in 1997. No worries though. This hard data can't be real, its all mental. About a dozen countries are close to complete collapse also. They are delusional however. Can't possibly be real.