Target Corp., J.C. Penney
Co. and Federated Department Stores Inc. didn’t have last-minute
surges in business amid the weakest holiday-shopping season in
more than 30 years, the Associated Press reported in the
Wall Street Journal.
The weak economy and a shopping season that was six days
shorter than a year earlier were some reasons for the weakness,
AP said.
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November and December sales at stores open at least a year
will rise 1.5 percent, Michael Niemira, vice president of Bank of
Tokyo-Mitsubishi Ltd., was quoted as saying. That would be the
weakest gain since 1970, when the index started following the
data, AP said, citing Niemira.
Retailers had to offer big discounts to attract shoppers.
They started the season with leaner inventories to prevent having
a lot of merchandise left over, AP said.
Bloomberg News
