Word: davidowitz
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Dates: during 2000-2009
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...Last year was the worst Christmas in 40 years and we're tracking below that right now," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail consulting and investment banking firm.. "The whole [holiday season] will be determined by the last two days before Christmas...
...Online sales clearly did better, but that's only 4% of total retail sales," says Davidowitz...
...Davidowitz speculates that the frugal tone will pressure retailers to discount earlier and possibly deeper than originally planned over the next few weeks. "I think many of them will reassess their numbers and determine that more promotions are in order," says Davidowitz. "That will be particularly true in department stores," where women's apparel has been weak, he says...
Black Friday's business has left Davidowitz bearish on retailers' prospects this holiday season. "I expect total holiday sales will be down 1% to 2% - going against last year, which was the worst Christmas in 40 years...
...Davidowitz doesn't believe discounting will reach last year's 80% levels, mainly because most retailers ordered up to 20% less inventory this year. "They won't be as panicked or as big," he says. The 70% discounts will likely be offered on select items rather than store-wide, as they were last year...