As Retail Sector Faces Winter of Discontent, Process Improvement Offers Hope

New York — August 28, 2009 — As many as 10,000 retail stores could close by the end of 2009, and companies looking to beat the odds must focus on financial management and process improvement, according to a new report from retail distress experts at consultancy Grant Thornton LLP's Corporate Advisory and Restructuring Services (CARS) that reveals the five recession-driven trends transforming the retail sector, along with tips to capitalize on them.

Retailers were faced with their biggest declines at the end of 2008. Now, more than halfway through 2009, consumers still aren't in the mood to spend, says Marti Kopacz, national managing principal with Grant Thornton CARS.