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Holiday Sales Fail to Meet Expectations

shoppers-picThe 2012 holiday season may have been the worst for retailers since the 2008 financial crisis. The first numbers coming in show sales grew far below expectations, forcing many stores to offer deep post-Christmas discounts in hopes of shedding excess inventory.

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GLENDALE, Calif. (KTLA) — The first numbers are coming in for the holiday shopping season, and they’re lower than expected.

Even though malls were crowded and online buying was up from last year, sales still did not meet expectations, according to analysts.

On a national level, holiday spending was at its lowest level since 2008.

But locally, the Glendale Galleria says that sales were up five percent compared to last year.

Shoppers who spoke to KTLA said there were deals and steals everywhere on the day after Christmas.

Nationwide, between late October and Christmas Eve, retail sales rose just seven-tenths of one percent from last year.

Consumers rushed to stores on this day after Christmas to return unwanted gifts and search for good deals. Rick Chambers reports.

The 2012 holiday season may have been the worst for retailers since the 2008 financial crisis.

shop-picLOS ANGELES (KTLA) — Shoppers were flocking to stores on Wednesday to make returns and take advantage of post-Christmas sales.

Many stores opened early and deals were everywhere, as retailers put their best foot forward in the face of lackluster sales this holiday season.

Stores are hoping that people will show up on Dec. 26 to make returns, use their gift cards and score Black Friday-like bargains.

Target stores are opening earlier and closing later the day after Christmas.

Toys R Us is rolling out new waves of deals including “buy one, get one half off” specials on books and board games.

And Macy’s has launched a “Week of Wonderful” to roll out new savings on apparel and home goods.

Retail experts predict the day after Christmas will be among the top five shopping days of the year.

Just what kind of holiday season it was financially won’t be known for sure until after New Year’s.

The National Retail Federation estimated that holiday cash registers would ring up $586.1 billion, up 4.1% from a year earlier. But in recent weeks, merchants have expressed doubts about hitting that mark.

One man who spoke to KTLA on Wednesday said he was getting a start on his shopping for next year. He said he saved more than $400 on his purchases.

If the crowds at the malls turn you off, online retailers are also offering plenty of deals, along with free shipping.

For a list of some of the best after-Christmas deals, visit: http://afterchristmas2012.com/.

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