A story today in the New York Times highlights something I’ve seen all holiday season at shopping centers – extreme, storewide discounts at lots of major retailers.
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The discounts mean retailers were too optimistic about holiday sales, built too much inventory, and are now panicked and trying to clear it, analysts said.
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Ann Taylor is offering 50% off the store, Gap 60%, J Crew 30%, Abercrombie & Fitch 40%.
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An analyst quoted in the story said those stores were attracting most of the traffic, while retailers with more modest discounts were slower.
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Overall, holiday sales were up slightly as of December 17 – .5 percent – vs. the same month last year, according to ShopperTrak.
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