It’s not a good sign for retail when a top executive in the industry compares things to the 2008 housing-market collapse that plunged the US economy into a deep recession.
On a call with investors yesterday (March 8) to discuss Urban Outfitters’ lackluster results for the quarter—sales grew less than 2%—CEO Richard Hayne offered a dim assessment of the retail landscape, likening its overabundance of stores to the housing market in the mid-2000s. The threat to the broader economy may not be as dire as the one posed by housing bubble, but for the retail industry, the consequences are proving harsh. According to Hayne, ecommerce owns a good part of the blame. Continue reading “Urban Outfitters’ CEO says the US retail bubble is bursting, just like housing in 2008”

