Forget the wish list. Shoppers may be giving the gift of necessity this holiday season, buying up cards for gas, groceries and even utilities to help friends and family through lean times.

With a solid retail background and experience wrangling costs in Wal-Mart's international division, analysts say Mike Duke has the chops to take on the top post at the world's largest retailer as it increasingly focuses on emerging markets.

From rebates and layaways to low-price guarantees, retailers are pulling out all the stops  to entice shoppers, who are keeping a tighter reign on their spending. Though no one is predicting blockbuster sales in any category this year, some stores will fare better than others. Here’s a look at the expected winners and losers.

Retail traffic has slowed to a crawl as consumers shut their wallets, caught in the paralyzing grip of tightened credit, rising unemployment and falling home values. It may take a miracle to save retailers this Christmas.

Chaos reigns Friday: Lame-duck White House and Congress are unable to reach a decision on the financial crisis. Yet Citigroup stock inched up, despite misgivings over the CEO's determination not to break up the firm. And while legislators dither over the jet-setting Big 3 automakers' fates, one strategist told CNBC that Ford Motor stock could yet quadruple overnight. (You read that correctly.)

As the Dow opened to the upside on Friday, Jack Welch, former General Electric chairman & CEO, shared his insights on Detroit, the economy and Wal-Mart's new CEO.

Wal-Mart Stores says Mike Duke, vice chairman of its international division, will replace Lee Scott as president and chief executive when he retires from those positions in February.

Wal-Mart Stores announced Friday that Mike Duke will succeed Lee Scott as president and chief executive officer of the company.

Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.

By Nicole Maestri

By Nicole Maestri

After pushing steep discounts throughout November that are usually reserved for the day after Thanksgiving, retailers from Kohl's to Toys "R" Us are offering even bigger cuts and promotions for Black Friday in a frantic bid to pull in shoppers.

Wal-Mart's charitable arm announced a $12.5 million letter of credit Thursday for the planned Martin Luther King Jr. Memorial on the National Mall to help start construction, though a disagreement over how to secure the site may delay the project until sometime next year.

Wal-Mart Stores Inc. says it has invested in a wind energy farm in Texas that will generate enough power to light 15 percent of its Texas operations.

Men's Wearhouse profit fell 61 percent in the third quarter as total store sales tumbled 10.2 percent, but tuxedo rentals held steady and helped the company beat Wall Street estimates.