Shopping Bags Half Empty

Overall, Davidowitz notes that some areas did well, including online shopping and the luxury sector, but he says he is pessimistic.

"When the consumer assesses his financial condition," he says, "he's going to have to save more. And that ain't good for retail sales."

Scott Rothbort, founder of LakeView Asset Management and a contributor to Street Insight, had a more positive view on the December results. He says the comp sales indicate that shoppers are discerning and that "they shop where they want to shop, not where the media tells them."

"There's nothing new here," he says. "We knew which ones are doing well and which ones fumbled the ball."

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