Shanghai Daily: Business - shanghaidaily.com
SHOPPERS in the United States jammed stores to take advantage of half-off sales and extended hours at J.C. Penney Co, Sears Holdings Corp and Toys "R" Us Inc during the final weekend before Christmas, Bloomberg News reported yesterday. Less than one-fifth of consumers had finished their holiday shopping as of December 16. Retailers were counting on Saturday and yesterday to generate almost 10 percent of their sales for the gift-giving season, which the US National Retail Federation said may be the slowest in five years. Profit may suffer this year as retailers boost discounts to lure consumers grappling with higher food and energy costs and rising mortgage defaults. The price of gasoline has risen 28 percent this year, according to the US Department of Energy. "This season has been the year of the discount," said Fred Crawford, managing director for Southfield, Michigan-based consultant AlixPartners LLP. J.C. Penney sold juniors sweaters with 50 percent