http://www.zerohedge.com/news/2013-11-19/wal-marts-response-weakest-holiday-season-2009-98-tvs
The last week has seen retailers begin to push "the promotional panic button" as holiday sales are expected to collapse to the weakest since 2009 (as we discussed here,here, and here). As Bloomberg reports, faced with wary shoppers and a shorter holiday season, retailers are piling on deals as they jockey for market share and are faced with "too much inventory, which doesn't bode well for 2014." U.S. retail sales excluding autos and gasoline grew 0.2% in October, half the month-earlier gain leaving this year likely to be the worst and most promotional shopping season since 2008 and perhaps Wal-Mart's $98 32-inch flat-screen TV is just the start of the deflationary spiral that benefits the stagnant incomes of the middle-class.
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