"It was a terrible Christmas season for stores in Brazil. For the first time in more than a decade — since 2003 — sales went down."

"Roberta Pimenta owns a small shop selling children's clothes at the Butanta mall in Sao Paulo, which is aimed squarely at the middle-class shoppers who live in the area."

"'It was the worst drop in sales since I've had this store,' Pimenta says. "In seven years it was the worst year I had. And every year you have a 10 percent increase of employees' salary, 10 percent increase in the rent, 10 percent in everything, so it is horrible."

"Pimenta says sales haven't picked up since the holidays. She has lost money this year, as well."