Malls busy, but retailers still wary

? Retailers remained anxious Sunday, after the last full weekend of shopping before Christmas appeared robust but not spectacular, despite generous bargains for many goods.

The retail industry – which had an uneven start to the holiday season and has seen disappointing crowds at the malls since – was hoping for a big sales bonanza. But with lean inventories and the final critical days still yet to come, stores are not panicking.

Again, merchants are relying on procrastinators during the final days before Christmas and post-holiday sales – expected to be boosted by the redemption of gift cards, which are recorded as sales when recipients redeem them.

“This was a healthy weekend, but it wasn’t something to knock your socks off,” said Marshal Cohen, chief analyst at NPD Group Inc., a market research company. “But stores aren’t panicking because the season has more time to go. The trickiness of the season is that consumers are calling the shots on where they were going shopping.”

The winners and losers this weekend were the same ones throughout the season. Discounters and electronics stores drew in the most crowds,while mall-based apparel stores were a mixed bag, Cohen said. Luxury stores did well, though he believes their sales gains aren’t as robust as a year ago.

Wal-Mart Stores Inc., the world’s largest retailer, said Saturday that December sales growth was still on track to be up anywhere from 2 percent to 4 percent. But it noted that food sales continue to outpace general merchandise sales. That may not bode well for profits, as food carries thin profit margins.

Analysts expect this past Saturday to be the busiest for storeowners this season, but given this year’s quirky calendar, it could lose some luster. This year, Christmas Eve falls on a Saturday, the first time since 1994, and Hanukkah is also later than usual, starting Dec. 25. Those factors will accentuate last-minute shopping, said Michael P. Niemira, chief economist at the International Council of Shopping Centers.