Shop Talk

Retailers, consumers and prices

So goes Wall Street, so goes Fifth Avenue retailers


santasaks.jpgThe fallout from the turmoil on Wall Street will be felt by retailers who have set up shop on one of Manhattan’s most prestigious avenues – Fifth Avenue.

In the past week, Lehman has failed, Merrill Lynch agreed to be acquired by Bank of America, and the government had to step in to keep giant insurer AIG from failing.

It has created chaos on Wall Street and expectations of thousands of impending job losses. In August alone, New York City’s securities companies axed 10,000 workers.

It is the exact opposite of what retailers needed headed into what is expected to be one of the worst holiday season in years.