Not the greatest day in the world for retail news. I mean, it’s by no means is it a terrible, catastrophic day–but not a great day either. First bit of news, the no. 2 mall owner in the nation, General Growth, is filing for bankruptcy. They’re filing mostly because of what the financial crisis has done to all of the real estate they own. I’m sure people scaling back their spending hasn’t hurt, but mostly we’re going to tally this one up to the fiancial crisis.
Second, Best Buy is eliminating jobs and slashing wages. This is aimed mostly at middle management in a move, Best Buy says, designed to get more of their employees out to the sales floor, in front of customers. Circuit City tried a very similar, though notably different, about a year before it went out of business. Hopefully Best Buy will be a bit more careful.