An earlier post detailed a non-scientific approach to evaluating our economy. There seems to be a correlation between how it’s going with how much Joseph A. Banks likes to give away in their clothing specials.
When the recession first hit, Banks did the typical buy one suit, get one free. It escalated the giveaways as the crisis deepened.
Today’s report finds the company telling me that if I buy a sport coat I will get two pants and two sport shirts free.
A pretty good deal for the customer, but a bad indicator of how deeply retail sales are still hurting. To add to the desperation, they had to announce it four times!
Not a good sign for Main Street.