Not just Macy's but in general. I guess retailers overhyped on Thanksgiving day and black Friday sales and sucked up all retail dollars by black Friday. Mind you, black Friday deals were being offered starting one week before black Friday.
Now public is generally short on cash + uncertainty about 2013 tax rates is not helping much. I am not seeing big discounts either. Like I said, there were discounts leading upto and on black Friday. People had strategies to take full advantage of those deals and probably finished shopiing right then.
More misery for most of those unfortunate folks. But you never know. Sometimes good things happen out of desperation. It will have no impact on Macy's though. I am prettys ure that people on unemployment benefits would be shopping at Macy's.
What one does not see it the dramatic shift to online shopping. Amazon fulfillment centers are operating around the clock right now. Macy's distribution centers are humming. Christmas 2012 is far different than years past. We are now well into the 21st century and thus retailing is in a new era now. Those retailers who have adapted will thrive. Macy's will also. Certainly the brick and mortar will be thinned down, but major regional retail malls will continue to draw traffic, but just not as often. The final purchase decisions are now being made at home and ONLINE.