
One thing I've started to notice is that the shelves are starting to look a little empty behind the front facing of each item of merchandise. That's not unusual in the retail biz during January, after Christmas when inventory budgets are tight. The thing is that the emptiness is store-wide. If the emptiness lasts after about February or March, then it's not a good sign.
I'm curious just what is the case. In my frequent trips over to "big blue," I notice the shelves are quite a bit fuller still, though there may be a light spot or two. It seems to me they are getting better inventory turns and still keeping a good on-hand position. That is, of course, if they haven't borrowed to finance their purchasing during the first quarter, which some retailers do. Time will tell.
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