NEW YORK (Reuters) - U.S. retailers have slashed prices and are staying open late this weekend, the last before Christmas, in hopes of a big rush of last-minute buying from shoppers, who have been unusually tight-fisted this year.
But analysts said on Friday that even if the markdowns and extended store hours boost store traffic, the discounts are so deep that prospects of a recovery in profits are dim.
``I don't see anything that retailers are doing significantly swaying people's decisions at this point,'' said Russell Jones, vice president retail consulting at Cap Gemini Ernst & Young.
``There's been so many sales and discounting started early enough that at this point I don't think people will be persuaded to shop based on the new discounts that are being offered,'' he added.
Retailers, particularly those that sell apparel and luxury items like jewelry, suffered lousy sales last year and the attacks of Sept. 11 hit consumer confidence going into this year's holiday shopping season. Source.
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