Consumers close their wallets

Retail sales plunge a record 2.8 percent in October, suggesting a dismal outlook for holiday spending.

By Ron Scherer | Staff writer of The Christian Science Monitor
from the November 17, 2008 edition

The consumer is in no mood to spend.

With only a few weeks to go before the holiday season officially kicks off, retailers are saying this is the worst consumer environment since World War II. Big box retailers are fighting for survival, department stores are preparing massive promotions, and some stores are asking manufacturers to take back their products even before Thanksgiving.