"Retailers will have the hardest Christmas in their lives," said the boss of the country's biggest electrical and furniture chain .Mike "Mish" Shedlock
"I see unemployment going up, small businesses going under, manufacturing under huge duress and tourism hit very badly. I don't think the outlook will improve."
He said Harvey Norman would crank up its online strategy in October, but he didn't expect it to return profits.
"Our sales in technology, computers and television have been hit badly because of price deflation," he said." Televisions were the biggest offender.
"Prices have dropped by so much we have to sell three times as many TVs to get the same revenue.
"The same goes for computers -- they are half their price of a year ago -- and we have to sell twice as much to stand still.
"Even whitegoods and washing machines are 10 per cent cheaper today.
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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