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Retailers Slash Prices to Boost Slumping Season

Posted Dec 23, 07 6:43 PM CST in Business 

(Newser) – Retailers slashed prices nationwide this weekend in a bid to draw last-minute shoppers and lift a slumping holiday season, Bloomberg reports. Pressed by high gas and food prices, consumers are holding out for zero-hour deals; retailers have obliged with half-off sales and extra hours, counting on the last days before Christmas for 9% of season sales.

December has been slow, with sales growing only 0.6%, half of what analysts predicted; a forecasted 4% boost in holiday sales is the lowest in five years. Companies have responded with deeper discounts, but analysts fear they will hurt margins while driving traffic. “This season has been the year of the discount,” said one consultant.

Source Bloomberg

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Sales associates bring Xbox game consoles in this undated photo.   (Getty Images)
Holiday shoppers walk past a sale sign at Emerald Square Mall in North Attleboro, Mass. in this Nov. 24, 2007 file photo. (AP Photo/Stew Milne, file)   (Associated Press)
Customers look at holiday merchandise for sale at a Home Depot store in Charlotte, N.C., Tuesday, Nov. 13, 2007. (AP Photo/Chuck Burton)   (Associated Press)
A customer reaches out for a purchase at Best Buy in this undated photo.   (Getty Images (by Event))
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US economy  • gas prices  • food prices  • retail sales  • retail  • consumer confidence  • holiday shopping  • consumer prices


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