US retailers opened earlier than ever today and slashed prices with hopes of salvaging a holiday season that is falling short of already modest expectations, according to the latest data released Wednesday. The International Council of Shopping Centers said that same-store sales, or sales at stores opened at least a year during the November-December period, appear to be coming in just below meagre projections. That contrasts to a more upbeat assessment from its chief economist Michael P Niemira, following the weekend’s spending surge, who predicted that holiday sales could at least meet forecasts.Retailers’ woes mean some bargains for shoppers. Toys “R” Us Inc, which threw open its doors at 8 am today, two hours earlier than last year, is offering 40 percent price cuts on all MP3 and iPod accessories. Macy’s Inc is offering 50 percent to 75 per cent off cashmere sweaters, while Saks Fifth Ave cut prices on fur coats by 40 per cent to 60 per cent. In Lisbon, Connecticut, Maggie Challinor joined about 20 shoppers huddled for warmth in the vestibule of Kohl’s department store for a 6 am opening. Challinor planned to buy a coat with a Christmas gift card she received from her husband. Gift cards helped the family keep to their Christmas budget, she said. “We spent less. We really watched for sales.”Shopper Barbara Gagne found a 55 blouse marked down to $11, which she bought after returning two pairs of pants. “I’m going to be shopping now,” Gagne said. “I’m here for the bargains.” Shopper Wendell Davis was thinking way ahead, and picking up Christmas decorations for next year at a 70 per cent discount. “I told my wife last night I’m going to get up and I’m going to go down to the store,” he said. “I’ve never done this before.”Retailers hope that post-Christmas bargain hunters and gift-card splurgers will provide a much needed boost during this crucial period. Target Corp warned late Monday that its same-store sales might decline for December, while a broad gauge of consumer spending released by Mastercard Inc, which includes estimates for spending by check and cash, reported on Tuesday an increase of 3.6 per cent from Thanksgiving to Christmas, compared with a 6.6 per cent gain in the year-ago period. Excluding gasoline and auto sales, that figure was a slim 2.4 per cent gain.
