The owners of big retail chain stores and mega-shopping centres are rubbing their hands with glee following the Christmas and post-Christmas sales frenzy. Most have posted record profits for the period, despite concerns that "consumer confidence" would be affected by the global economic crisis.
Retail giants like Coles-Myer are expecting the boom to continue for some time. They are looking forward to more spend-ups ahead — Valentines Day, Easter, Mothers Day — and the Olympics and associated manias are just around the corner.
In the last three years, Coles-Myer has spent more than $3 billion on expansion and refurbishment of its stores. Shopping mall giant Westfield is joining the action with a $2 billion expansion over the next eight years.
There are signs that another record is about to be broken as a result of the Christmas sales spending spree: the number of people in debt to credit institutions and banks through credit card usage. Financial counselling services are being flooded by calls from people facing legal action and/or bankruptcy.
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