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The economy is down, and first to go are the non-essential expenses.
Similar news is coming from all kinds of retail - I heard a huge list including rock-solid mall stores such as Ann Taylor and Foot Locker were shuttering stores because they had grown way too quickly in the good times and now had to cut back to deal with the bad. I'm reminded of selling a few of my little green homes while playing Monopoly because I grew too fast.
Oh, and Starbucks has officially beyond peaked, I think.
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