Holiday sales down for 3rd week

Associated Press

NEW YORK

After a strong start to the holiday shopping season, sales at stores have fallen for the third-consecutive week as Americans continue to hold back on spending during what is traditionally the busiest buying period of the year.

Sales at U.S. stores dropped 3.1 percent to $42.7 billion for the week that ended Sunday compared with the same week last year, according to ShopperTrak, which tracks data at 40,000 locations. That follows a decline of 2.9 percent and 0.8 percent during the first and second weeks of the month, respectively.

The numbers, which don’t include online sales, are another challenge in what largely has been a disappointing holiday shopping season for stores. The two-month period that begins Nov. 1 is important for retailers because they can make up to 40 percent of their annual sales during that time.

Retailers started the season cautiously optimistic. But after a strong start through most of November — ShopperTrak said sales were up 3.4 percent for the month — retailers have found it increasingly hard to attract shoppers into stores despite big discounts and expanded hours during the final days.