This news from the world's biggest retailer is ominous for other retailers.
MSU economics professor Glenn Omura says other companies, especially discount retailers like Target and Meijer should take notice. He says it is still possible sales could increase as the season wears on. It is possible Wal-Mart’s numbers reflect bad weather in some parts of the country, or that shoppers have started slow. Still, more than 60 percent of Black Friday shoppers shopped at discount retailers, and a bad start to the season at the biggest of them could be dangerous.
Wal-Mart originally projected a two to four percent increase in November sales over last year. They now say the increase is 0.7 percent.
The National Retail Federation predicts an increase of 4.5 percent in holiday sales overall.