The Texas State Comptroller is reporting disastrous sales-tax results for Dallas in June — down 21.52%. I can’t explain it, especially with Houston being down only 4.71%. The news is worse in Plano: down 40.14%. While the rest of the state is apparently having a mild recession, Dallas seems to have hit depression-level numbers.
The news nationwide ain’t that good, either. As Glenn notes, Smith & Hawken is out of business. Abercrombie & Fitch is down 32%. Gap is down 10%. Neiman Marcus is down 20.8%. Even Target is down 6.2%.