Sunday 14 May 2017

Gerry Harvey Calls Retail Recession “Fake News”

We have been using “retail recession” terminology for some time on although the technical requirements have not yet been met in Australia. Recession requires 3 months of negative performance and we have had 3 months out of 4 but not 3 consecutive months.

Gerry Harvey of Harvey Norman says recessionary talk is “fake news”. He says that the 0.1% fall in March hardly qualifies as recessionary and many retailers are in fact doing well. Harvey said "For everyone to talk about being on the verge of recession, it's such a stupid thing to say."

Harvey Norman’s impressive glossy catalogue in this week’s Herald Sun was pushing $5,000 television sets so they are certainly talking up retail at the moment.

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