A day after Christmas, the nationâ€™s retail stores are reducing their prices even more on holiday items and stocking up on full-price merchandise. Theyâ€™re trying to catch up, with the 2006 pre-Christmas season falling short of sales expectations for many merchants.
Macy’s opened its doors at 7 a.m. Tuesday with discounts ranging from 50 percent to 75 percent. Toys “R” Us Inc. offered 50 percent discounts on selected toys while also featuring hot toys from 2007 in its stores. Deep discounting of flat-panel TVs and other gadgets led to a buying surge, as well as a profit blow to Best Buy Co. and Circuit City Stores Inc.
But luxury stores and online merchants are not following suit; theyâ€™re doing fine, thank you. Their sales figures showed they are doing better than retails stores this holiday season.