Local Retail Sales In Major Post-Holiday Slump
CHICAGO (CBS) -- You may not see a lot of shopping activity on the Magnificent Mile these days.
As WBBM Newsradio's Brandis Friedman reports, retail experts say every year, shoppers splurge ahead of Christmas and the in the post-holiday sales, and then disappear.
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But this year, they say U.S. retailers are facing the biggest post-holiday depression since 2009, Reuters reports.
Many high-end retailers on Michigan Avenue, as well as State Street in the Loop, are mounting major sales in an effort to get customers in the door.
Reuters reported stores from Macy's to Zara had discounts of 30 to 50 percent this week, and New York & Co. had gone up to 70 percent on some women's work clothes.
America's Research Group tells Reuters as shoppers felt more confident about their finances and shopped more online during the holiday season, credit card use rose after three years of major cutbacks.
Now, those credit card bills are showing up in mailboxes.
