Finance / United States
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Non-financials Scaling Back Growth Plans
May 2008 | Closing BellSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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US non-financials are clearly still at risk from further economic downturn and its negative effect on consumer spending. This week the US' second-largest retailer Home Depot announced that it would scale back its US store openings to 1.5% annual square foot growth, which represents a drop of one third against its 2007 growth. The announcement is in line with other major US retailers who are feeling the crunch; Starbucks is reducing growth plans and will open only 400 US stores in the next three years, compared to the 1,020 it opened in 2008 alone. This comes after reporting its first