America Discovers Columbus

Observing that shopping activity picked up over the Columbus Day weekend, the National Retail Federation asserted that shoppers are beginning to climb out from beneath the shock of the September 11 terrorist attacks.

The U.S. Commerce Department had earlier released statistics that total retail sales were up 0.2 percent from a year ago. “Consumers have shied away from discretionary purchases,” said NRF chief economist Rosalind Wells. “Retailers offering staple goods and those appealing to cost-conscious consumers fared better than luxury retailers.

“Recently, consumers have begun to pry themselves away from their televisions and are slowly returning to the stores,” Wells added. “The patterns that have emerged so far, however, are the result of a very cautious consumer – impacted both by a slumping economy and fear of the future.”

An NRF statement announced that “shoppers were out in large numbers at malls [over the Columbus Day weekend], taking advantage of extensive fall promotions and discounts.

“Since the economy will remain weak for the balance of the year and uncertainty will continue to surround the war against terrorism, we expect these trends to continue,” said Wells. “However, sales in the coming months will certainly rebound from September's depressed levels.”