BUSINESS
01/26/2009 05:12 am ET Updated May 25, 2011

BLACK FRIDAY 2: Stores Desperate To Salvage Holiday Sales

Holiday shopping is way down in some areas as shoppers grapple with a weak economy and face potential layoffs and work hour cutbacks.

The result is a desperate group of retailers hoping to lure consumers back into their stores for one last spree before the end of the year. The day after Christmas is now being referred to by some as "Black Friday 2:"

Department stores like Macy's and JC Penney are offering 50-80 percent off sales. Filene's Basement, up to 90 percent off with an extra 20-percent off coupon.

Retailers have their work cut out for them.

Nationwide, retail spending between November 1st and Christmas Eve was down 5.5 to 8 percent compared to last year.

Bloomberg reports on two particularly bleak categories inspiring some desperate "Black Friday 2" efforts:

From Nov. 1 through Dec. 24, women's clothing sales dropped 23 percent and men's fell 14 percent, according to SpendingPulse.

Combined electronics and appliance sales tumbled 27 percent, with purchases over $1,000 suffering the most, according to SpendingPulse data. Luxury sales, including jewelry, plunged 35 percent, the data showed.