Retailers, consumers and prices
Goal! but no sales, as World Cup distracts shoppers
From our apparel correspondent Nivedita Bhattacharjee:
Financo’s president Bill Susman identified an unlikely rival that could hamper retail sales all over the world in the coming months – the 2010 FIFA World Cup.
As if jittery financial markets, oil spills and debt crises are not enough, retailers will soon have to fight the World Cup to entice customers, many of whom will be esconced in front of their TV sets as the most popular soccer tournament kicks off later this month.
“Retailing for July and part of August will be globally messed up – it’s called the World Cup,” said Susman, president and chief operating officer of the investment banking boutique, during an interview at the Reuters Global Luxury Summit.
“People are going to watch TV and it will change patterns. And I think for Europe particularly, people, if they are feeling a little poorer, may stay home and watch soccer (rather) than shop,” said Susman.