If the back-to-school season does not improve soon, even Santa Clause won't be able to save the retailers this year.
Consumer spending is credited with making up two-thirds of the nation's GDP, so the two major spending seasons -- back-to-school and Christmas -- are make-or-break for America's retailers, as well as the entire economy. The country's retailers started discounting their wares early this summer as cash-strapped shoppers patiently pressured them into marking down their merchandise.
TheStreet spoke to Wall Street's top retail analysts to get their early reads on back-to-school and (believe it or not) Christmas. Will Santa be the big man on campus? Find out here:
1. "Back-to-school has been extremely aggressive in discounting this year. Retailers entered the season with too much inventory, primarily because they bought it after what they thought was a very solid holiday season last year." -- Eric Beder, associate director of equity research at Brean Murray Carret & Co.