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U.S. markets recover from steep losses
NEW YORK, Dec. 24 (UPI) -- U.S. retailers, in a discount mood to make up for lethargic spending, are promising bigger discounts after the holidays.
Sears Holding spokesman Tom Aiello promised "great deals," telling USA Today after Christmas would be "like Black Friday."
"There's not a lot of time for retailers to make up for what's been lost," Kathy Grannis of the National Retail Federation said.
Sears will be slashing electronic prices 75 percent, while Kmart promised to reduce prices 40 percent for goods already marked down 30 percent, the newspaper said.
J.C. Penny, joining the reduced-price rush, said stores will open at 5:30 a.m. Friday with jewelry marked down 70 percent. Toys R Us is advertising Friday as the "biggest" after-holiday sale day ever.
With prices falling, a deflation mentality scares retailers and economists, sensing spending will be defined by hesitation.
"People are saying, 'Why wouldn't I wait for another 30 percent off on already 50 percent markdowns,'" NPD Group retail analyst Marshal Cohen said.
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