NEW YORK (December 14, 2012)--After a promising start to the holiday shopping season over the Thanksgiving weekend, sales have slowed, which puts pressure on stores, which had been offering fewer discounts this season than they did last year, to step up promotions.
Holiday sales are up 2.2 percent to $659 billion through Saturday, according to ShopperTrak, which tracks spending.
The modest increase means sales for rest of the season will be crucial for stores, which get as much as 40 percent of their annual sales in November and December.
With about a week and a half left until Christmas, stores have a ways to go in order to reach ShopperTrak's forecast of a 3.3 percent increase for the season.
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