NEW YORK (CNNMoney.com) — Retail sales fell for the fifth straight month in November as mounting job losses last month curbed consumers’ ability and willingness to spend money in stores.
The Commerce Department said Friday that retail sales fell 1.8% last month, compared with a revised 2.9% drop in October, the worst monthly sales on record. October sales were originally reported to have tumbled 2.8%.
Economists surveyed by Briefing.com on average had forecast a decrease of 2% for November.
November is a crucial sales month for retailers since it marks the start of the important holiday shopping season. Combined sales for November and December can account for as much as 50% of merchants’ annual profits and sales.
Sales excluding autos and auto parts fell 1.6% in November, compared to a revised 2.4% drop in October. Ex-auto sales were originally reported to have fallen 2.2% in October.
New York City-based label Reason Clothing has opened their doors to Manhattan’s East Village. The shop, located at 206 East 6th Street, is situated in a historic Cooper Square storefront, featuring the brand’s private label collection as well as an exclusive in house line of t-shirts, hats, and woven apparel. Being the first retail endeavor for owners Philip Bassis and Jonathan Price Totaro, the opening is a true labour of love coming into fruition. Be sure to stop by if you’re in town.
REASON
206 East 6th Street
(Between 2nd Ave. and Cooper Sq.)
New York, NY 10003
Open Daily: 12 pm - 7 pm
By Chris Harris
It was shaping up to be an epic battle between two of music’s biggest heavyweights, with Kanye West — the Louis Vuitton Don, and the man we crowned the Hottest MC in the Game — standing in one corner, wearing the gold trunks and white Shutter Shades, ready to drop 808s & Heartbreak. And in the other: Axl Rose — sporting the black trunks, a Los Angeles Raiders jersey, red cornrows and a little album called Chinese Democracy.
Long known for their minimalistic approach to fashion, APC’s simple looks have provided a number of timeless products with each and every release. Some of their 2008 fall/winter collection can be seen here predominately in the form of jackets. Despite a mostly muted array of colors, the pieces are not without little details and a quality selection of materials. Available now at IT stores in Hong Kong.
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