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The week that was: Wall Street's yo-yo game
Sunday, March 14, 2010

Wall Street is bewaring the Ides of March as consumer confidence dropped to 72.5 percent this month -- against analyst expectations and February's 73.6 percent -- while last month's retail sales increased 0.3 percent to $355.5 billion. Closer to home, the state of teen allowances is strong, as South Side-based American Eagle Outfitters posted a profit of $59.3 million, up $26.6 million from 2008's bah humbug holiday quarter. And just in time for marathon season, Findlay-based Dick's Sporting Goods saw a fourth-quarter sales increase of 10.7 percent.

Changes at the Strip

Three years from now, a trip to the Strip District could trade exotic grub for vintage duds. Janis Surman is bringing the Pittsburgh Flea market to the Strip, with an expected 100 vendors available for the debut on April 18. The announcement came just days after plans were unveiled for 80 acres of development along the Allegheny riverfront from the Strip District to Highland Park. It also could give an expiration date to wholesalers in Smallman Street's produce terminal, who have leases through 2012. Protesting the suggestion, wholesaler Brad Kokowski said, "Minimalls are popping up everywhere. Do we really need that?"

In other news ...

Delta Air Lines nonstop Pittsburgh to Paris flight is not meeting its revenue targets, likely triggering subsidies from the Allegheny Conference on Community Development and taxpayers. ... Pittsburgh plays host again as the United Nations taps the Steel City for its World Environment Day (which lasts six weeks). The theme: "Water matters." Just ask anyone who parks on the Mon Wharf. ... And more than 500 people tried their luck on the first day of the Rivers Casino job fair this week. One applicant's professed advantage: "I'm good at math."

Quote of the week

"Chrysler is like a scared little 5-year-old hiding behind his mommy's skirt."

-- Bo Corwin, owner of Corwin Chrysler Jeep, on the company's reluctance to reopen shuttered dealerships

In case you missed it ...

Check out this week's coverage, including Patricia Sabatini's piece on the fishy practices used by credit card companies to avoid new rules. Also included: A list of which Pittsburghers made Forbes magazine's annual list of billionaires. To quote the poets ABBA, "it's a rich man's world."

Erich Schwartzel: eschwartzel@post-gazette.com or 412-263-1455.
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First published on March 14, 2010 at 12:00 am