Holiday Sales Drop at Least 5.5%

Others, like Wal-Mart(WMT Quote), are waiting until the weekend to make markdowns on items such as televisions, office and home goods but say they will continue in-store promotions of the week.

Several retailers said they will continue or add new promotions in January, as experts predict the recession will carry into 2009.

AP Business Writers Sarah Skidmore in Portland, Ore., and Betsy Vereckey in New York contributed to this report.