Major chains post December declines

Deep discounts weren’t enough to save holiday sales, according to retail numbers released today. Major chains are expected to post a 1.2 percent decline in December sales for stores open at least a year. Retailers nationwide are trying to lower their rent as the recession continues and revenue drops. December’s decline marks the first drop in holiday sales in several decades. Analysts expect Macy’s to post a 4 percent decline and for drops at rival chain stores to be even steeper. The Real Deal talked to retail brokers about the slowdown in the December issue.