A “Triple Doorbuster” sale sign is placed at the toys section in a Kmart in New York in this Nov. 28, 2013, file photo.NEW YORK – Sparse crowds at malls and “50 percent off” signs at The Gap, Ann Taylor and other stores give a clue as to how the holiday season is going.
This is shaping up to be the most discount-driven holiday season since the country was in a deep recession. It’s also one of the most disappointing for stores.
Sales are up 2 percent to $176.7 billion from the start of the season on Nov. 1 through Sunday, according to data obtained by The Associated Press from store data tracker ShopperTrak.
That’s a slower pace than expected given that there are just days left in the season: ShopperTrak is forecasting that sales will rise 2.4 percent to $265 billion for the two-month stretch that’s typically the busiest shopping period of the year.
The modest growth comes as the amount of discounts that stores are offering this season is up 13 percent from last year — the highest level since 2008 when the country was in a recession, according to financial services firm BMO Capital Markets, which tracks 20 clothing stores.