Looks like the Grinch stole christmas this year. Although bad for retailers and the economy, it' kinda nice to see Americans being austere for a change. Frugality and austerity will be the key to surviving the rough economic times ahead-Lou
Holiday season weakest since at least 1970
NEW YORK (Reuters) - The U.S. recession, heavy discounting by retailers and a nasty mix of winter weather in the days before Christmas combined to produce the worst holiday season since at least 1970, the International Council of Shopping Centers said on Tuesday. Sales at U.S. chain stores fell 1.8 percent in the week ending December 27 compared with the previous year, while sales fell 1.5 percent compared with the prior week, according to the ICSC-Goldman Sachs Weekly Chain Store Sales index.
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