Apparenetly every income level is dealing with rising prices.  Even high-end retailers like Saks Inc, and Nordstrom Inc. posted weaker results as their affluent customers start to feel pinched.  The old standby Wal-Mart was one of the few who posted higher August sales.

“Consumers are spending on necessities and looking for value and the lowest price possible. And it’s reflective again in the results that we are seeing,” the president of research company RetailMetrics, Ken Perkins, said.”

“Wal-Mart said that sales of groceries and back-to-school products helped its August same-store sales rise 3 percent. Analysts surveyed by Thomson Reuters had expected a 1.6 percent increase. Including fuel, the retailer’s total same-store sales rose 3.5 percent.”
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