Shoppers flock to stores this weekend but business appears mixed
NEW YORK With less than two weeks of shopping left until Christmas, the nation's malls and stores stepped up discounts over the weekend. But analysts say business appears to be mixed. Wal-Mart -- which became more aggressive on pricing after a disappointing start to the holiday shopping season -- continues to struggle. The retailer said on Saturday that sales of winter merchandise were below expectations, and its general merchandise business was not as strong as food sales. However, the world's largest discounter is still sticking to its December sales forecast.
Sears, which plied shoppers with early bird specials on Saturday, reported "good customer traffic."
Meanwhile, business at luxury stores continues to be robust.
A spokeswoman at the National Retail Federation estimates that traffic will probably be up only slightly this past weekend from a year ago.
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