Media Oversold the Retail Story

But by 2:18 p.m., Business Week mentions Texas and Florida specifically, plus other states with the tax-free shift. And, sure enough, its headline was way more measured: "Retailers: A Back-to-School Bounce: August sales for chains like Wal-Mart beat expectations, easing fears about consumer spending. But analysts aren't celebrating just yet."

The New York Times, by contrast, was direct and to-the-point. Its headline: "Retail Sales Rise, but Data May Mask Trouble," gave a clear indication from the start. As did its lead: "Despite dire predictions, the back-to-school shopping season was not a disaster. Or was it?" They mention Florida and Texas and even the influence of discounting, a factor too often ignored by the business media when it comes to groovy-looking top-line figures.

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On the subject of The New York Times, let's touch briefly on its big Sunday profile of the man who would be Comeback Kid. Michael Dell is trying to remake his namesake, in part by moving into retail business, a big departure. When this move was announced, The Business Press Maven came down like thunder on the business media for not mentioning the fact that Dell (DELL Quote) tried to go retail a dozen years ago, it didn't work and Michael said it wasn't their thing. That, of course, does not mean automatic failure here. Not by any means. But as I noted then, everything the company does in retailing from the start must be set against and measured by its past failure.

When Dell originally announced the move, few media outlets referenced the past failure. The Times did so in its large profile. As you read about these initiatives, just remember that this historical test makes what you are reading useful. If you don't see it, do the only responsible thing: crumple it up.