Some big stores in Lubbock have announced they are closing their doors, at a time when the holiday season is approaching, but some say that doesn't mean the national recession has hit Lubbock.
Many people across the Hub City have started their holiday shopping but this year they may have less stores to browse through. Despite some big retail closings, local economy experts say that isn't necessary a reflection of the Lubbock economy. "They'll be more to come, they'll be more national chains that will fold up on a national basis and we'll be affected by it," said LEDA President Gary Lawrence.
Signs of a weakening economy are not hard to see. "If you read the national numbers, retail is dramatically hurt across the country and if you had a weak company that had been hanging on for years, this is the year that is going to put them out and 2009 is going to be worse," said Lawrence.
Here on the South Plains stores like Mervyns, Linens and Things, and Harold's are on their way out. Lubbock Economic Development Alliance President Gary Lawrence says these big stores closing don't necessarily reflect the retail sales in Lubbock. "I hate to see that happen for all kinds of reasons, but it doesn't reflect Lubbock if you start seeing Lubbock businesses close, then you know we've got trouble," said Lawrence.
With so many nationwide stores cloing their doors, what does this mean for holiday shopping? Some retail experts are warning against purchasing gift cards. Click on the link below for more on that story.
Holiday Shoppers Be Careful When Buying Gift Cards