Back-to-school spending was up slightly this year over last, but it came at a steep price for retailers, who resorted to deep discounting in order to move product.
The International Council of Shopping Centers told Reuters that same-store sales should rise about 4 percent in September, while nine U.S. retailers that reported their August numbers had growth of 2.9 percent.
Ken Perkins, president of Retail Metrics, said in the story that discounting was higher than last year. “They seem to be above the norm,” he said, “That was emblematic of just the lack of demand for back-to-school.”
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