The Chronic Consumer

When people learn that I have a shopping blog, they often start making jokes about being a shopaholic. After all, they reason, I’d have to be somewhat addicted to shopping in order to have enough stuff to write about.

But that’s not really the case, as many of my purchases are either small-ticket items that cost less than $30. Moreover, a significant number of my posts just talk about products that I would like to buy sometime in the future. In reality, I don’t think I shop that much more than other people. It just seems that way because I publicize most of my purchases.

At any rate, shopaholics really do exist, and this kind of compulsive behavior can have significantly detrimental effects on their lives. I just read an article over at LiveScience about a new test that’s been developed that can show if someone is a shopaholic.

The test includes a list of the following statements:

• My closet has unopened shopping bags in it.
• Others might consider me a “shopaholic.”
• Much of my life centers around buying things.
• I buy things I don’t need.
• I buy things I did not plan to buy.
• I consider myself an impulse purchase

and asks respondents to rate the statements on a seven-point scale based on whether they strongly agree or strongly disagree with the statement. Respondents that score 25 points or more would be considered compulsive buyers or shopaholics.

I don’t come anywhere near 25 points, so I guess that means I’m safe for now! I certainly do enjoy shopping and buying new things, but it doesn’t define my life, nor do I use shopping as a crutch to get me through emotionally tough times.

I was at the drug store picking up a few things today when I watched some young woman get busted for shoplifting by store security. The guy who nabbed her was dressed in plain clothes, and I think what happened was he was watching her on the security monitors in the office area, saw her trying to steal stuff, and then came tearing out to confront her in the store.

I’m not sure what the woman stole, but she was in the acne treatment aisle when she was busted. The security guard asked to look in her bag, and then brought her back to the office area so I didn’t see what happened next.

The whole thing was pretty wild because it happened right in front of me. I never would have pegged that woman as a shoplifter. She was neatly dressed, didn’t look shifty or anything, and just seemed like a regular shopper. I guess you never can tell about people!

I was reading through the Forbes.com archive earlier today when I came across an article highlighting the world’s 10 biggest shopping malls. I figured a good portion of them would be right here in the United States, but that’s not the case at all. Most of the largest malls in the world are located in Asia, and have been built in the past four years. So that means if I want to hit these places, I better start checking into an affordable jet charter company or something like that!

Anyway, here are the World’s 10 Largest Shopping Malls according to Forbes:

1. South China Mall — Donnguan, China (7.1 million sq. ft.)
2. Golden Resources Shopping Mall — Beijing, China (6 million)
3. SM Mall of Asia — Pasay City, Philippines (4.2 million)
4. Cevahir, Istanbul — Istanbul, Turkey (3.8 million)
5. West Edmonton Mall — Edmonton, Alberta, Canada (3.8 million)
6. SM Megamall — Mandaluyong City, Philippines (3.6 million)
7. Berjaya Times Square — Kuala Lumpur, Malaysia (3.4 million)
8. Beijing Mall — Beijing, China (3.4 million)
9. Zhengjia PLaza — Guangzhou, China (3 million)
10. SM City North Edsa — Quezon City, Philippines (3 million)

As you can see, there’s only one mall in all of North America on this list, and it’s in Edmonton, of all places. What about the Mall of America? Where does that one fit in? Well, according to Wikipedia, the Mall of America has 2.5 million square feet of retail space available, so that gives us some idea of how it stacks up against these megamalls from the rest of the world.

Boy, how I’d love to spend a few days shopping in these places! Just a pipe dream, though, I’m sure….

I just read that the Mrs. Field’s cookie chain is planning to file for Chapter 11 bankruptcy protection by August 25, 2008. The parent company, Mrs. Fields Famous Brands LLC, reports that it has approximately $196 million in publicly traded debt, and has been struggling to turn a profit amidst declining sales.

Under Chapter 11 protection, the company will still exist and operate. They will likely bring in experts to help with restructuring and cost-cutting measures, but won’t disappear completely.

I actually like Mrs. Field’s cookies a lot, so this news is kind of disheartening. I could never pass up their shop at the mall without stopping for a white chocolate macadamia nut cookie (or three), and hope that the place by me doesn’t close once the restructuring gets underway!

I just got done watching a short clip on Yahoo! about the top consumer complaints, as calculated by a couple of organizations that recently held surveys about the matter. I didn’t catch the names of the organizations, otherwise I would cite them here. Sorry!!

Anyway, the top 4 consumer complaints are:

1. Autos/Trucks (lemons, faulty repairs, deceptive advertising)
2. Construction/Home Improvement (shoddy workmanship)
3. Credit Cards (hidden fees, high interest rates, predatory lending practices, aggressive collections)
4. Traditional Retailers (poor service, defective merchandise, problems with rebates, etc)

The only thing on this list that I complain about are traditional retailers. They do suck sometimes, which is why I shop online whenever I can. But fortunately, I’ve never had major problems with cars, homes, or credit cards. (knock on wood)

I just read that Steve & Barry’s, the clothing store that sells almost everything on its shelves for less than $10, has filed for Chapter 11 bankruptcy protection. According to Wikipedia, Steve & Barry’s had been seeking about $30 million to fund operations since late June, but couldn’t raise that much capital.

The AP reports that Steve & Barry’s officials claim the sluggish economy has impacted their ability to borrow, so filing for Chapter 11 seemed like the next best move.

Although I’ve never actually shopped at Steve & Barry’s, I’ve heard some good things about the store. They actually sell (sold) quality products even though everything was so cheap. They’re a big hit in college towns, as you might expect, but their strategy of setting up shop in struggling malls (for the cheaper rent) seems to have come back to haunt them.

Hey guys, those malls are struggling for a reason, the reason being that few customers go there!

I could have sworn that just a couple of months ago, I read a different article about Steve & Barry’s that said the chain was going strong and were even looking to open more stores. That article, which I can’t find now (of course), stated that the bad economy was actually a plus for Steve & Barry’s, as more people would be looking for bargains.

Oh, the irony.

A couple days ago, I wrote that troubled retailer Linens ‘N’ Things managed to avoid bankruptcy by deferring approximately $16.1 million in interest payments. That apparently didn’t last, as I just read that the LNT bankruptcy is now OFFICIAL.

However, most people who have visited this site in the past couple of days have been searching for news of a Bed, Bath and Beyond bankruptcy, but that is still not the case. That chain does not appear to be in imminent trouble, and according to the AP report I read, will actually benefit from the Linens N Things bankruptcy since 50 percent of BBB stores are within 3 miles of LNT. One financial analyst believes that the LNT bankruptcy could boost Bed, Bath & Beyond stock by as much as 18 cents per share.

There’s no official word yet on how the LNT bankruptcy will affect their handling of gift cards. Just so you know, gift cards are considered loans to the company under Chapter 11 protection, so they will likely NOT be honored for much longer.

Good luck to all off you who were registered at LNT or have gift cards from them. I hope things work out!

For some reason, a lot of people seem to think that Bed, Bath & Beyond is preparing to file for bankruptcy protection from creditors, but that’s not the case at all. From what I’ve been able to gather, it’s actually competitor Linens ‘N’ Things that was facing the prospect of bankruptcy, stemming from their inability to pay $16.1 million in interest fees for the first quarter of 2008.

But after doing some more research, I learned that Linens ‘N’ Things ended up deferring the payment and staving off bankruptcy — at least for the time being.

This is good news for consumers, who were perhaps looking at a repeat of what happened when Sharper Image filed for bankruptcy and stopped accepting their own gift cards.

For now, it appears that you won’t have to worry about that. Linens ‘N’ Things has not filed for bankruptcy yet, and the Bed, Bath & Beyond bankruptcy rumor was just that — a rumor.

Still, it might be a good idea to start using up those gift cards if you have them!

If you own a PlayStation 3, then you’re definitely going to want to get the latest firmware update. It’s version 2.30, and features several improvements, including increased Blu-Ray audio support and new PlayStation Store functionality.

All you have to do to get the PS3 update 2.30 is log onto the PlayStation Network and follow the prompts. Hopefully, the update will go smoothly for you!

Although I do much of my shopping online these days because of the better prices that are available, I still visit malls and department stores quite a bit. Some of these stores are more fun to shop at than others, so I wanted to take a few moments to list my five favorites here (along with some of the reasons that I like them so much):

1. Nordstrom — They have a massive shoe department, a live piano player, and all the hottest brands. What’s not to love?

2. Carson Pirie Scott — They have a good selection of brand-name products that are actually affordable, so I end up buying a lot of stuff from here (particularly shoes and watches).

3. Kohl’s — I don’t think I’ve ever been to Kohl’s when they weren’t having a sale! This is a great place to buy kids clothing since it’s so cheap, and their Sonoma clothing line is a lot nicer/longer-lasting than the similarly priced Faded Glory brand from Wal-Mart.

4. Harrods — Ok, so I’ve only been there once, but it was still an amazing experience. They had the biggest food court I’ve ever seen, and every floor was filled with incredible merchandise that I loved to look at. Plus, I just loved using their luxurious restrooms. What other department stores can boast of solid gold bathroom faucets?

5. Marshall Field’s/Macy’s — Things haven’t quite been the same since the name change, but I still like shopping here well enough. At least the Frango Mints have survived.