Dismal sales figures for the holiday shopping season could be a sign of worse to come for merchants in 2009 — not only more sharp discounts and cheaper groceries but probably fewer stores.
Wal-Mart posted a smaller sales gain than Wall Street expected, and cut its earnings outlook for the fourth quarter. Same-store sales were down 1.7 percent for December, with many chains reporting declines of 10 percent and more, according to the International Council of Shopping Centers.
The Consumer Confidence Index fell to 38 in December from a revised 44.7 in November, marking the lowest point since the conference board began compiling the index in 1967, and below the previous record low of 38.8 in October.
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