New York, NY —
REPORTER: Retailers are hoping that post-Christmas sales will lure in customers who are spending less because of the economic downturn. Prices have been dropping since before Thanksgiving at both big department stores and smaller boutique shops. Michael Robinson, a buyer at a Soho shop called Peter Hermann, says his store decided to hold out on the mark downs because they don't always work. He points to the shoe store across the street as an example.
ROBINSON: They started with a 20 percent off everything sale, and then it was 30 percent off, the next day everything was 60 percent off, the store was still empty.
REPORTER: Robinson says his shop has a loyal following and so far the decline in sales has been minimal.
The broader picture isn't as promising. Retail industry experts are predicting that holiday sales will show an 8 percent decline. The actual numbers won't be available for a few weeks.