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...this recession, there are struggling apparel retailers all across the country. Then there's Abercrombie & Fitch. The upscale teen retailer has suffered 10 straight months of double-digit same-store-sales declines. In the second quarter of 2009 alone, sales were down an eye-popping 30% across the company's three name outlets: the flagship Abercrombie brand, which has 567 stores; Hollister, a 520-store teen chain; and Ruehl, a 29-store chain for young adults that Abercrombie shut down in June. Abercrombie & Fitch lost $26.7 million, which includes $24.4 million in charges associated with the closing of Ruehl...
...even if Abercrombie could justify holding firm on price, it did little else to entice customers. "If you provide interesting incentives, you can minimize losses while maintaining the luxury image," says Park. "Offer milk and cookies in the store. Anything...
...anticipation. T shirts that play on the iconic Shepard Fairey poster of Obama read RELAX instead of HOPE; others say I VACATIONED WITH OBAMA ON MARTHA'S VINEYARD. Sharky's, a Mexican restaurant in Oak Bluffs, is offering "Obamaritas" and "Barack O. Tacos." Even the Buddhist-themed gift store Glimpse of Tibet is peddling notebooks featuring a picture of Obama with the Dalai Lama...
...British Petroleum - and spearheaded a major project to investigate solar energy. "Steve is a visionary, and he really galvanized the lab with his vision," says Paul Alivisatos, who was Chu's deputy there. But some scientists bristled at Chu's demand for dramatic scientific breakthroughs - brand-new ways to store energy, sequester carbon or fuel cars - as opposed to incremental engineering improvements. "Chu likes flashy, sexy technological fixes that attract a lot of attention. He gets bored when they aren't nano-this or bio-that," says University of Texas engineering professor Tad Patzek, who left the Berkeley Lab after...
...Those small decisions - the motorcycles and new clothes left unbought - add up for retailers. Ombati and Rajinder Singh run a grocery store in Barola, another village in Uttar Pradesh, and their customers are mostly farmers. "People are not buying in bulk anymore. They come and buy things in limited quantities," Ombati says. That change has reduced their daily earnings from Rs. 2000 ($42) to Rs. 600 ($12.50). "In a drought, where is the money to buy things?" (See pictures of the deadly 2007 monsoon floods...