Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in the CNBC.com Consumer Nation Blog Post "Will Retail's Bloom Fade in April?"
by Christina Cheddar Berk
Consumers also are in a better mood, according to Ron Friedman, head of the retail practice at Marcum, a national accounting firm.
“I think you have a couple of years of pent up demand,” Friedman said. He expects the trend to not only benefit to apparel retailers but he also sees strong trends ahead of those who sell home furnishings.
According to Friedman, consumers have spent the last few years whittling down their debt and they are feeling better about their financial situation, and that is what is giving them more confidence to fix up their homes, plant flower early, and buy new wardrobes.
“Hearing good news perpetuates more good news,” he said.
Friedman expects that teen apparel retailers such as Zumiez will benefit from teenagers’ increased spending power, and he expects shoppers to head back to department stores such as Macy’s after years of shopping at discount stores.
He also is watching JC Penney “very closely” because the changes they are making in their business to reduce the number of promotions and focus on everyday low prices.
“It could be the most refreshing thing in the marketplace if they are successful,” he said.