It was like January in December. In the weeks before Christmas, when retail sales are usually at their highest, retailers were cutting prices as though it were slackest of seasons. Consumers who expect such cuts as their just due in January had bargains galore to give as Christmas presents.
As usual, prices of luxury items such as furs (see Furs), were first to fall. In New York, Gimbels marked jewelry prices down 75%. The midwinter mail-order catalogues were loaded with price cuts up to 49% on soft goods. (Montgomery Ward reduced women's cloth coats 30%.) Most surprisingly, some stores reduced toys...
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