STORES Magazine - July 2008 - (Page 94)

INSIDE TRACK Compiled by Anastasia Van Engelen NRFnews Board, White House Advisors Discuss Economic Issues THE NRF board of directors participated in a top-level work session to discuss the impact of economic stimulus checks with two of President Bush’s top economic advisors, Council of Economic Advisors chairman Ed Lazear and National Economic Council director Keith Hennessy. The work session was held last month at the White House during the annual NRF board meeting. While the board has routinely heard speeches and briefings from White House and congressional officials in past & WHO WHAT WHEN Myron Ullman, chairman and CEO of JCPenney and chairman of the NRF board of directors, listens to discussion at NRF’s board meeting. years, this year’s meeting allowed for an open discussion and exchange with the president’s advisors, who also heard from leading retail CEOs about their views on the condition of the economy. The president’s economic policy team asked extensive questions about the performance of retail stores and the mood of consumers, and also asked executives for their advice on how the president should portray the economy when speaking to the public. Board members representing large and small retail companies told the president’s advisors that retail sales have been slow across most sectors. Even luxury retailers are seeing a slowdown as customers have cut back on their spending. The retail executives applauded the tax rebate check program, particularly for being enacted quickly (the board passed a resolution calling for economic stimulus action by Congress in January). Board members noted, however, that much of the money has been diverted by the high cost of groceries and gasoline. Five economic indicators LAZEAR said “very strong” growth in May retail sales showed that the rebate program is beginning to work, despite the slowness that occurred the previous months. While retail sales were up only 0.9 percent, the figure was a significant improvement from the previous four months, when sales ranged from a 0.3 percent drop to 0.6 percent growth. In response to the overall state of the economy, Lazear said five major economic indicators – retail sales, employment, personal income, gross domestic product and industrial production – were slow during the first quarter, but “the only one in the recession range” was retail sales, “and you have felt that,” he said. Lazear said the Bush administration expects additional improvements in the economy this fall. He noted that a series of interest rate cuts the Federal Reserve began making late last year should begin to have an impact. Additionally, depreciation rules allowing businesses to write off new equipment more quickly should encourage a boost in November or December as companies move up planned purchases to take advantage of the tax break. While in Washington, the board also heard election analysis from nationally known political pundit Larry Sabato of the University of Virginia and discussed potential federal tax reform with Rep. Richard Neal (DMass.), who heads the House Ways and Means Committee’s revenue subcommittee. WWW.STORES.ORG Farooq Kathwari, chairman, president and CEO, Ethan Allen Interiors; Terry Lundgren, chairman, president and CEO, Macy’s; and Steve Sadove, CEO, Saks Fifth Avenue, speak with a representative from the House Judiciary Committee at NRF’s board meeting. 94 STORES / JULY 2008 http://WWW.STORES.ORG

Table of Contents for the Digital Edition of STORES Magazine - July 2008

STORES Magazine - July 2008
Contents
Executive Editor's Page
President's Page
Dearth of Retail Creativity
What Shoppers Think
Wow, Is That a Wawa?
10 Things You May Have Missed
Numbers Worth Counting
Full Price/Markdown
Retail People
Merchandising Strategy
Concept2Watch
Point of Sale
Outsourcing
Human Resources
Top 100 Retailers
Store Design
RFID
IT Operations
Systems Managements
LP Vantage Point
Newsbeat
Cover Story
Emergency Response Systems
Background Checks
LOEB Retail Letter
Point of View
NRF News
Retail Crossword
Retail Industry Calendar
Last Laugh

STORES Magazine - July 2008

http://www.nxtbook.com/nxtbooks/nrf/STORES2019_tuesday
http://www.nxtbook.com/nxtbooks/nrf/STORES2019_monday
http://www.nxtbook.com/nxtbooks/nrf/STORES2019_sunday
http://www.nxtbook.com/nxtbooks/nrf/STORES2019_preview
http://www.nxtbook.com/nxtbooks/nrf/STORES_bigshowdaily20180116
http://www.nxtbook.com/nxtbooks/nrf/STORES_bigshowdaily20180115
http://www.nxtbook.com/nxtbooks/nrf/STORES_bigshowdaily20180114
http://www.nxtbook.com/nxtbooks/nrf/STORES2018_preview
http://www.nxtbook.com/nxtbooks/nrfe/STORES0415
http://www.nxtbook.com/nxtbooks/nrfe/STORES0315
http://www.nxtbook.com/nxtbooks/nrfe/STORES0215
http://www.nxtbook.com/nxtbooks/nrfe/STORES0115
http://www.nxtbook.com/nxtbooks/nrfe/STORES1214
http://www.nxtbook.com/nxtbooks/nrfe/STORES1114
http://www.nxtbook.com/nxtbooks/nrfe/STORES1014
http://www.nxtbook.com/nxtbooks/nrfe/STORES0914
http://www.nxtbook.com/nxtbooks/nrfe/STORES0814
http://www.nxtbook.com/nxtbooks/nrfe/STORES0714
http://www.nxtbook.com/nxtbooks/nrfe/STORES0614
http://www.nxtbook.com/nxtbooks/nrfe/STORES0514
http://www.nxtbook.com/nxtbooks/nrfe/STORES_sourcebook2014
http://www.nxtbook.com/nxtbooks/nrfe/STORES0414
http://www.nxtbook.com/nxtbooks/nrfe/STORES0314
http://www.nxtbook.com/nxtbooks/nrfe/STORES0214
http://www.nxtbook.com/nxtbooks/nrfe/STORES0114
http://www.nxtbook.com/nxtbooks/nrfe/STORES1213
http://www.nxtbook.com/nxtbooks/nrfe/STORES1113_buyersguide
http://www.nxtbook.com/nxtbooks/nrfe/STORES1113
http://www.nxtbook.com/nxtbooks/nrfe/STORES1013
http://www.nxtbook.com/nxtbooks/nrfe/STORES_mediakit2014
http://www.nxtbook.com/nxtbooks/nrfe/STORES0913
http://www.nxtbook.com/nxtbooks/nrfe/STORES0813
http://www.nxtbook.com/nxtbooks/nrfe/STORES0713
http://www.nxtbook.com/nxtbooks/nrfe/STORES0613
http://www.nxtbook.com/nxtbooks/nrfe/STORES0513
http://www.nxtbook.com/nxtbooks/nrfe/STORES0413
http://www.nxtbook.com/nxtbooks/nrfe/STORES0313
http://www.nxtbook.com/nxtbooks/nrfe/STORES0213
http://www.nxtbook.com/nxtbooks/nrfe/STORES2013_20130115
http://www.nxtbook.com/nxtbooks/nrfe/STORES2013_20130113
http://www.nxtbook.com/nxtbooks/nrfe/STORES2013_20130114
http://www.nxtbook.com/nxtbooks/nrfe/STORES2013_preview
http://www.nxtbook.com/nxtbooks/nrfe/STORES0113
http://www.nxtbook.com/nxtbooks/nrfe/STORES1212
http://www.nxtbook.com/nxtbooks/nrfe/STORES1112
http://www.nxtbook.com/nxtbooks/nrfe/STORES1012
http://www.nxtbook.com/nxtbooks/nrfe/STORES_mediakit2013
http://www.nxtbook.com/nxtbooks/nrfe/STORES0912
http://www.nxtbook.com/nxtbooks/nrfe/STORES0812
http://www.nxtbook.com/nxtbooks/nrfe/STORES0712
http://www.nxtbook.com/nxtbooks/nrfe/STORES0612
http://www.nxtbook.com/nxtbooks/nrfe/STORES0512
http://www.nxtbook.com/nxtbooks/nrfe/STORES0412
http://www.nxtbook.com/nxtbooks/nrfe/STORES0312
http://www.nxtbook.com/nxtbooks/nrfe/STORES0212
http://www.nxtbook.com/nxtbooks/nrfe/STORES2012_preview
http://www.nxtbook.com/nxtbooks/nrfe/STORES0112
http://www.nxtbook.com/nxtbooks/nrfe/STORES1211
http://www.nxtbook.com/nxtbooks/nrfe/STORES1111
http://www.nxtbook.com/nxtbooks/nrfe/STORES1011
http://www.nxtbook.com/nxtbooks/nrfe/STORES_mediakit2012
http://www.nxtbook.com/nxtbooks/nrfe/STORES0911
http://www.nxtbook.com/nxtbooks/nrfe/STORES0811
http://www.nxtbook.com/nxtbooks/nrfe/STORES0711
http://www.nxtbook.com/nxtbooks/nrfe/STORES0611
http://www.nxtbook.com/nxtbooks/nrfe/STORES0511
http://www.nxtbook.com/nxtbooks/nrfe/STORES0411
http://www.nxtbook.com/nxtbooks/nrfe/STORES0311_v2
http://www.nxtbook.com/nxtbooks/nrfe/STORES0311
http://www.nxtbook.com/nxtbooks/nrfe/STORES0211
http://www.nxtbook.com/nxtbooks/nrfe/STORES0111
http://www.nxtbook.com/nxtbooks/nrfe/stores1210
http://www.nxtbook.com/nxtbooks/nrfe/stores_mediakit2011
http://www.nxtbook.com/nxtbooks/nrfe/stores1110
http://www.nxtbook.com/nxtbooks/nrfe/stores1010
http://www.nxtbook.com/nxtbooks/nrfe/stores0910
http://www.nxtbook.com/nxtbooks/nrfe/stores0810
http://www.nxtbook.com/nxtbooks/nrfe/stores0710
http://www.nxtbook.com/nxtbooks/nrfe/stores0610
http://www.nxtbook.com/nxtbooks/nrfe/stores0510
http://www.nxtbook.com/nxtbooks/nrfe/stores0410
http://www.nxtbook.com/nxtbooks/nrfe/stores0310
http://www.nxtbook.com/nxtbooks/nrfe/stores0210
http://www.nxtbook.com/nxtbooks/nrfe/store_bigshow2010_post
http://www.nxtbook.com/nxtbooks/nrfe/stores_bigshow_20100112
http://www.nxtbook.com/nxtbooks/nrfe/stores_bigshow_20100111
http://www.nxtbook.com/nxtbooks/nrfe/stores_bigshow_20100110
http://www.nxtbook.com/nxtbooks/nrfe/stores0110
http://www.nxtbook.com/nxtbooks/nrfe/store_bigshowpreview2010
http://www.nxtbook.com/nxtbooks/nrfe/stores1209
http://www.nxtbook.com/nxtbooks/nrfe/stores1109
http://www.nxtbook.com/nxtbooks/nrfe/stores1009
http://www.nxtbook.com/nxtbooks/nrfe/stores0909
http://www.nxtbook.com/nxtbooks/nrfe/stores0809
http://www.nxtbook.com/nxtbooks/nrfe/stores0709
http://www.nxtbook.com/nxtbooks/nrfe/stores0609
http://www.nxtbook.com/nxtbooks/nrfe/stores0509
http://www.nxtbook.com/nxtbooks/nrfe/stores0409
http://www.nxtbook.com/nxtbooks/nrfe/stores0309
http://www.nxtbook.com/nxtbooks/nrfe/stores0209
http://www.nxtbook.com/nxtbooks/nrfe/stores0109
http://www.nxtbook.com/nxtbooks/nrfe/stores1208
http://www.nxtbook.com/nxtbooks/nrfe/stores1108
http://www.nxtbook.com/nxtbooks/nrfe/stores1008
http://www.nxtbook.com/nxtbooks/nrfe/stores0908
http://www.nxtbook.com/nxtbooks/nrfe/stores0808
http://www.nxtbook.com/nxtbooks/nrfe/stores0708
http://www.nxtbook.com/nxtbooks/nrfe/stores0608
http://www.nxtbook.com/nxtbooks/nrfe/stores0508
http://www.nxtbook.com/nxtbooks/nrfe/stores0408
http://www.nxtbook.com/nxtbooks/nrfe/stores0308
http://www.nxtbook.com/nxtbooks/nrfe/stores0208
http://www.nxtbook.com/nxtbooks/nrfe/stores-globalretail08
http://www.nxtbook.com/nxtbooks/nrfe/stores0108
http://www.nxtbook.com/nxtbooks/nrfe/stores1207
http://www.nxtbook.com/nxtbooks/nrfe/stores1107
http://www.nxtbook.com/nxtbooks/nrfe/stores1007
http://www.nxtbook.com/nxtbooks/nrfe/stores0907
http://www.nxtbook.com/nxtbooks/nrfe/stores0807
http://www.nxtbook.com/nxtbooks/nrfe/stores0707
http://www.nxtbook.com/nxtbooks/nrfe/stores0607
http://www.nxtbook.com/nxtbooks/nrfe/stores0507
http://www.nxtbook.com/nxtbooks/nrfe/stores0407
http://www.nxtbook.com/nxtbooks/nrfe/stores0307
http://www.nxtbook.com/nxtbooks/nrfe/stores0207
http://www.nxtbook.com/nxtbooks/nrfe/stores-globalretail07
http://www.nxtbook.com/nxtbooks/nrfe/stores0107
http://www.nxtbook.com/nxtbooks/nrfe/stores1206
http://www.nxtbook.com/nxtbooks/nrfe/stores1106
http://www.nxtbook.com/nxtbooks/nrfe/stores1006
http://www.nxtbook.com/nxtbooks/nrfe/stores0906
http://www.nxtbook.com/nxtbooks/nrfe/stores0806
http://www.nxtbook.com/nxtbooks/nrfe/stores0706
http://www.nxtbook.com/nxtbooks/nrfe/stores0606
http://www.nxtbook.com/nxtbooks/nrfe/stores0506
http://www.nxtbook.com/nxtbooks/nrfe/stores0406
http://www.nxtbook.com/nxtbooks/nrfe/stores0306
http://www.nxtbook.com/nxtbooks/nrfe/stores0206
http://www.nxtbook.com/nxtbooks/nrfe/stores0106-globalretail
http://www.nxtbook.com/nxtbooks/nrfe/stores0106
http://www.nxtbook.com/nxtbooks/nrfe/stores1205
http://www.nxtbook.com/nxtbooks/nrfe/stores1105
http://www.nxtbookMEDIA.com