With Christmas Looming, Retailers Make Up for Lost Time

Posted Dec 23rd 2009 11:00AM by Tom Johansmeyer
Filed under: Wal-Mart (WMT), Target Corp. (TGT)

Anxious to grab every last dollar they can out of holiday shoppers, retailers are pulling out all the stops. Especially given the snowstorm on the East Coast last week, they have to make up some ground, and time is running out. They lost the Saturday before Christmas, one of the busiest shopping days of the year -- and a favorite of people like me who wait until the last minute.

"Super Saturday," as it's called, was off close to 13% compared to last year, says research firm ShopperTrak. Only $6.9 billion came in, off $1 billion-year-over-year. And, let's not forget that 2008 was a drag. Its $7.9 billion performance was down from $8.7 billion in 2007.

To make up the lost ground, retailers are trying a number of measures. Macy's (M) is keeping it's 34th Street store in Manhattan open 24 hours until 6 PM on Thursday. Target (TGT) is keeping most of its stores open until midnight on Wednesday and from 7 AM to 7 PM on Thursday. Walmart (WMT) is kicking out some additional discounts, and several retailers are offering up some fast and free shipping deals.

Tags: Christmas, christmas shopping, holiday shopping, inthenews, macys, retail, retail sales, retail sector, retail stocks, retailers, ShopperTrak, Target, Target Corp., TGT, wal-mart, Wal-Mart Stores, Walmart, wmt