August 2009 "Same Store Sales" came out for the retailers today, they were considered an upside surprise. August is traditionally the month in which parents run frantically around town looking for dry erase markers, tissues and "pants that fit" for their youngins. It is expected that these sales would be down from a weak 2008 back to school season and they didn't disappoint. Starting next month we get an apples to apples comparison as both months will be post crash, although I suspect next month will be a "beat" also as the entire system was locked up in September 2008.
Back to the chart above, lifted from www.ZeroHedge.com, it shows me that the consumer is still deleveraging. This means that spending is generally down and specifically up at where the consumer gets the most bang for his/her buck. I don't suspect this will change anytime soon.
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