Retailers have some catching up to do between now and Christmas — and it’s going to require a few markdowns.
Holiday sales are lagging expectations industrywide as tapped-out consumers have gone into hibernation after splurging on Black Friday deals.
Looking to stir shoppers, department stores and big-box chains have slashed prices on everything from cashmere sweaters to consumer electronics this month.
Yesterday, Gap’s Old Navy chain was advertising 50 percent off on all sweaters and hoodies. Last week, swanky stores including Bloomingdale’s, Neiman Marcus and Barneys were advertising discounts of more than half on designer clothing, shoes and handbags.
Nevertheless, experts say the discounts will have to get steeper for many chains to meet expectations this year. The final holiday stretch “is even more important than it has been over the last few years,” said Michael McNamara of MasterCard SpendingPulse.