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Wall St. woes spur new patterns on Main St.
Published in Saudi Press Agency on 10 - 10 - 2008


At one intersection of
Wall Street and Main Street, retailers and shoppers say
America's economic woes are spurring new patterns in consumer
behavior, REUTERS reported.
"You need to find little places to save money because money
is getting tighter. My husband and I have a lot of money in the
stock market, it's a worry," said 36-year-old housewife
Michelle Nicholson as she shopped for second-hand designer
clothes.
The shop she was seeking bargains in, the Revolving Closet,
stands almost literally on the corner of one road called Main
Street and another called Wall Street in Grapevine, an affluent
town just north of Dallas.
The notion of Wall and Main streets meeting has been much
on American minds in recent weeks as everyone watches to see
how the meltdown in the financial industry affects "Main
Street" -- a common metaphor for ordinary Americans and their
consumer habits and preferences.
Revolving Closet manager Barbara Moloney said it was a good
time for her niche market -- second-hand women's designer
clothing.
"You see people emptying out their closets perhaps to get a
little bit of extra cash. And then you have people wanting
designer labels but retail prices are just too much now," she
told Reuters, adding the shop had just opened in July -- a new
business for new spending habits.
Shopper Nicholson said she fell into both categories,
selling old clothes at the shop and seeking bargains there.
Elsewhere on Main Street Grapevine, which is dotted with
small shops, flea market hawkers, wineries and restaurants, the
impact on business of tightening credit, failing banks and
sinking stock markets was more varied.
"I'm probably doing better than Wall Street, I'm not making
any money but I'm not losing any money," said Jim Spokes, a
Canadian retiree selling handmade wooden craft items.
Jerry Binder said his business was up 50 percent this year
compared to last, a fact he attributed to tougher economic
times because he sells gourmet soup, dip and cake mixes --
stuff people can make at home.
"People who are on a budget want to stay home and cook and
all of my items are under $10," he said.
Price did seem to be key. Hawkers at a small flea market
selling lower priced items said Wall Street's crisis had not
trickled down to their markets yet.
"People don't have the disposable income they once had,
it's tough times. So price is key," said Don Rowe, who sells
elastic book marks that go for no more than $13.


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