The new JC Penney department store in Manhattan, which opened this summer on 33rd Street and 6th Avenue, was attracting a steady flow of customers last Friday night. Amid the continuing slump in US consumer demand, a “door buster” special was offering 50 per cent off clothing after 3pm on Friday until 1pm on Saturday, drawing most of the attention.

But in the costume jewellery department the handful of browsing customers barely outnumbered the staff. The bedding and kitchenware aisles were deserted.