People might shop this holiday season after all – if retailers keep slashing their prices. This BusinessWeek article says that Old Navy has pairs of gloves for $1, and even Saks has slashed prices on some items by almost half.Says retail analyst Jennifer Black: “”I have never seen any environment like this. The fight is on … They are all scared.” Even chains like Kmart and TJX Cos. are using a tactic that we didn’t know still existed, putting thing on layaway so customers can pay in installments. So far those sales haven’t helped too much though, when looking at October’s sales results. Can these strategies help retailers in the long run? It seems to be working for Wal-Mart. Or will sales like this destroy chains’ margins and make a terrible situation worse?

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