Holiday Markdowns Come Early

New York City, With consumer confidence fading and gas prices rising, retailers have already started their holiday markdowns, and leave it to Wal-Mart to fire the first shot in the holiday price war. The retail giant announced several dramatic discount sales, most notably on toy prices. Wal-Mart spokeswoman, Karen Burk told The New York Times the retailers’ pre-holiday strategy as “very aggressive ... we know that our customers are trying to stretch their budget.”

Apparel retailers such as Gap and Talbots are also planning to implement large markdowns earlier than usual. In the wake of the hurricanes, apparel retailers struggled in the month of September, as price-conscious, gas-conserving consumers opted for giant discount chains that carry food, clothing and electronics in one place.