Stores plan to give deep discounts to shoppers
New York — The Christmas shopping season doesn’t kick off for another six weeks, but retailers already are signaling they’re prepared to discount aggressively to entice shoppers still skittish about spending.
Gift buyers are likely to scrutinize every purchase, from $20 toys to $1,000 jackets, do their homework before they buy, and limit how many stores they visit.
That could put stores in a jam this year because for many, deadlines for holiday orders were in spring when the economic recovery looked more solid. Since then, indicators and consumers’ collective mood have darkened.
Retailers aren’t expecting a flashback to 2008, when they were stung by shoppers who drastically cut spending after the financial meltdown. Stores had to mark down items as much as 90 percent to clear them out. That left an imprint on 2009, when retailers managed to stay profitable amid sluggish sales by stocking fewer items, creating shortages in certain standbys like strands of Christmas lights.
