Posted: 26 Dec 2008 06:47 AM PST
It was expected, so it isn't a surprise but the Wall Street Journal reports that retailers have suffered the "worst holiday sales season on record" this year.
Price-slashing failed to rescue a bleak holiday season for beleaguered retailers, as sales plunged across most categories on shrinking consumer spending, according to new data released Thursday.
It is a long piece, so read the whole thing.
When you can go to a Home Depot, using this as just an example, and across the street there is a Lowes, or you find six different shoe stores in one strip mall, it figures that with the economy suffering as it is, something is going to have to give.
There comes a point where it moves from "competitive" and gets to downright ridiculous, and we hit that point long ago.
Now stores are slashing prices and offering after Christmas sales, but I fully expect to see some of these larger stores shutting down come the new year.
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