Retail sales "collapse"

Yesterday's industry-wide retail news was incredibly bleak--so much so that the nation's leading newspapers reached for uncommon adjectives to describe it.

• The New York Times: "remarkable slowdown"
• The Wall Street Journal: "dismal"
• Washington Post: "brutal"
• Los Angeles Times: "awful"

Whatever the word, the industry's news was full of negative figures from a variety of retailers. Only discount chains like Wal-Mart were able to post gains in an industry that saw an 11.7% dip overall.

Among the reports:

• Neiman Marcus -28% (WSJ: "staggering") including a 23% online and catalog decline
• Abercrombie & Fitch -20%
• Saks Inc. -17%
• Gap -16%
• Nordstrom -16%
• J.C. Penney Co. -13%
• American Eagle -12%
• Kohl's Corp. -9%
• Limited -9%

The Los Angeles Times' report does list a very good October for American Apparel, the lone brand with a double-digit increase.