Retail sales down in Wilmington

If you drive down Eastwood, headed toward Wrightsville Beach, you will probably notice giant signs advertising the closing of Linens and Things in Mayfaire. All over Wilmington, and the country, retail sales are down.

Michael Paul has seen the Wilmington economy at its best and worst. He has owned Hot Wax surf shop for 22 years. “Sales were down compared to last year. Last year was down compared to the year before, and then its all gonna boom, then it will all be over and we will be happy, and buy, buy, buy.”

Hasen Matthews, a commercial realtor said, “Retail sales are cyclical, this is simply a phase in the market. It’s a phase that will work its way through, everybody expects it to get a lot better by next year.”

Nationwide reports show a decline in retail and food sales in August, down .5 percent. Economists expected a .2 percent increase.

“Times are tough, and they will be for the foreseeable future be somewhat sour of somewhat tough.” said William Hall, professor of Economics at UNCW.

While some businesses are closing, a good number are opening up. Tamara Paul opened her retail shop in May. She said she was taking a big risk opening at such a fragile economic time.

”Everybody is gonna need clothes, they are going to need work clothes, and with all the development that is going on in this area, I feel good about this.” said Paul.

She had her money in stocks but felt they were unreliable, and wouldn’t produce the investment results she wanted. “The stock market being what it was, up and down, I just decided, I’ve been in retail before, for 25 years, and I just thought I want to do that.”

While frugal shoppers may be cutting back on their spending nationwide, so far, this area seems to be feeling only a slight blow.