Black Friday started the holiday sales up 1% from 2007. Merchants were giving out discounts up to 75%. During the month of December, 2008 sales were down 8%. Total sales were down 2 and 4% for the holidays. According to Bloomberg.com this is the worst in 40 years.
Ecommerce Outlets such as Amazon.com and Newegg.com seen both high traffic and spending but the overall season a 2.3% decline. Men and Women apparel were down 22 and 14 %. Electronics and appliances were down by 26%. Luxury items took the biggest lost at 34%.
According to Howard Davidowitz; retailers such as Ann Taylor Store Corp, Sears Holdins Corp, Talbots Inc, are among 12,000 stores shutting down ther underperforming locations in New York.