People walk near the Macys Flagship store in New York City on January 14, 2025. Eduardo Munoz Alvarez/VIEWpress/Getty Images New York —

This holiday shopping season could be like no other. No one knows that better than retailers.

America’s biggest stores are taking big swings this year, trying to stand out and attract cautious consumers. President Donald Trump’s tariffs, sticky inflation and rising unemployment are prompting Americans to be more careful with their holiday spending.

Wells Fargo projects this year’s holiday sales will rise between 3.5% and 4% from last year. But that doesn’t account for higher prices due to inflation, so actual spending could be flat.

“This year is really back to basics and leveraging strong merchandising, strong discounting, and making sure that

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