Penney is continuing a three- or four-year downfall,

Consumers still aren't in a spending mood, ... This year is going to be modestly better. The emphasis is on the word 'modest.'

This is actually a little worse than I expected, and particularly bad when viewed within the context of a year ago, which was already very weak.

These two companies gave a must-have lesson for all retailers, Sharper Image combed the globe for unusual and exciting products that weren't run-off-the-mill ... Retailers made the mistake of taking customers for granted and the payoff came two weeks ago in much weaker Christmas sales because of ho-hum kind of merchandise.

One word - dismal. There's nothing else to be said but absolutely dismal.

They feel they no longer need to go broke when they go shopping,