Nation's Retailers Call for Economic Stimulus

NEW YORK--(Business Wire)--The National Retail Federation Board of Directors today called on
Congress and President Bush to enact legislation to stimulate the
nation's economy.

"This action shows how seriously the current economic situation is
taken by the CEOs of the nation's major retail companies," NRF
President and CEO Tracy Mullin said. "Consumer spending and retail
sales are the backbone of the nation's economy. Stimulus that helps
consumer spending will benefit all industries in the private sector."

The Board, meeting at NRF's 97th Annual Convention in New York
City, this afternoon unanimously adopted a resolution emphasizing that
consumer spending represents 70 percent of the U.S. economy and
calling on lawmakers to act quickly.

"The nation's economy is in a slowdown," the resolution said.
"Consumers will be under continued financial stress in 2008 as a
result of high energy costs, the fallout from the housing slump,
sluggish employment and income growth."

"The National Retail Federation calls upon the President and
Congress to act quickly and in bipartisan fashion to enact targeted
economic stimulus legislation that would put dollars back in
consumers' pockets to fuel and sustain economic growth."

Today's vote came after the Commerce Department this morning
announced that retail sales for December (excluding automobiles, gas
stations and restaurants) rose 1.7 percent unadjusted over 2006 and
decreased 0.4 percent seasonally adjusted from November. Combined
November-December holiday sales totaled $469.9 billion, a 3 percent
increase that fell short of NRF's earlier prediction of a 4 percent
increase. The increase was the lowest since 2002, when holiday sales
rose 1.3 percent.

On Monday, NRF issued its 2008 economic forecast, calling for a
3.5 percent increase in retail sales over 2007. NRF expects the
housing slump and slow job growth to restrain sales.

The National Retail Federation is the world's largest retail trade
association, with membership that comprises all retail formats and
channels of distribution including department, specialty, discount,
catalog, Internet, independent stores, chain restaurants, drug stores
and grocery stores as well as the industry's key trading partners of
retail goods and services. NRF represents an industry with more than
1.6 million U.S. retail establishments, more than 24 million employees
- about one in five American workers - and 2006 sales of $4.7
trillion. As the industry umbrella group, NRF also represents more
than 100 state, national and international retail associations.
www.nrf.com

National Retail Federation
J. Craig Shearman, 202-257-3678
shearmanc@nrf.com
or
Scott Krugman, 202-299-6721
krugmans@nrf.com

Copyright Business Wire 2008