Kathy Grannis

Are you ready for back to school? Because retailers are. Wal-Mart and Apple are already promoting school-related products, while others, including tween brand Justice, are touting steep discounts. "In seven-and-a-half years, I've never once seen so much emphasis put on back to school before July 4," said National Retail Federation Spokeswoman Kathy Grannis. Historically, most consumers begin shopping for back-to-school supplies three weeks to four weeks before school starts. And retailers have typically followed their lead, beginning promotions in mid to late July. This year, however, they're trying to get a jump on consumers’ spending.

The often-overlooked week between Christmas and New Year's is still a busy one for retailers-and Macy's is staking its claim. The retailer has dubbed the period from today through Jan. 1 its "Week of Wonderful," with plans for special promotions and deliveries of new merchandise. Consumers, often on vacation, flood malls to return gifts and use gift cards. In recent years, as gift cards have become increasingly popular, retailers have sought to stock fresh merchandise, rather than leave shoppers to pick over discounted holiday items. 

Nothing in the card for graduates this year? That's increasingly the case, as the economy bites into the windfall high school seniors used to see when they donned mortarboards and gowns.

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