Stores confirm holiday shopping season was weakest in decades; more discounts probably ahead
Dismal sales figures for the holiday shopping season are probably a sign of worse to come for merchants in 2009 — not only more sharp discounts and cheaper groceries but probably fewer stores. Holiday spending was so anemic that even Wal-Mart didn't escape unscathed: It posted a smaller sales gain than Wall Street expected and cut its earnings outlook for the fourth quarter. Macy's, Gap and a slew of others reduced their forecasts as well, mainly because of the huge discounts... Full Story
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