NEW YORK — The nation’s stores are pulling all-nighters and deepening discounts in the final hours before Christmas, trying to draw in all the shoppers they can as they face dismal sales in what will likely end up as the worst holiday season in decades.
As much as retailers do, however, analysts say the crowds appear to be lighter this week than a year ago — heightening worries about the survival prospects for many merchants.
In Christmases past, the retail industry has depended on last-minute shoppers, along with those pulled in by 24-hour shopping options, to help save the season. But this year, customers worried about their jobs and retirement funds have been pulling back.
A lot is at stake. The holiday shopping season accounts for as much as 40 percent of annual profits for many retailers, and the earnings outlook is growing more dire every week.
“The question that we are really trying to answer is: How bad was the season?” said Michael Niemira, chief economist at the International Council of Shopping Centers.
He expects sales at established stores for November and December to be down 1.5 percent to 2 percent, making it the weakest holiday season since at least 1969.
Excluding Wal-Mart Stores Inc., which is among the few bright spots, same-store sales are expected to fall by 6.5 percent to 7 percent.
