Holidays look to be more ho-hum than ho-ho for retailers.

Southland retailers eyeing the coming holiday season say it won't improve much from the last one -- and are planning lean inventories to match -- but still anticipate modest sales gains.

Defense cutbacks that haven't ended, the continuing decline in construction-related employment and a tough regulatory environment that discourages business are all contributing to a grim outlook for Christmas, said Ira Kalish, an economist in the downtown L.A. office of accounting firm Price Waterhouse.

In addition, many retailers plan to keep inventories lean, anyway, as part of their overall streamlining, he said.

"Retailers are going into the Christmas season lean," agreed Jack Kyser, chief economist at the Los Angeles County Economic Development Corp.

Inventory at Dallas-based JC Penney Co. Inc.'s Southland stores was skimpier during Christmas 1992 than it was the previous year and this season's inventory will be "consistent with last year," said David Oliver, special events manager for the chain's Southern California stores.

"The economy is still very tough in Southern California," he observed. "The business environment here is not the same as across the country."

Seattle-based Nordstrom's inventories will also be at about the same level as they were during fourth quarter 1992, said spokeswoman Marie Joyce.

Not much is changing at Carson-based MacFrugal's/Pic 'n' Save either, where the inventory level this holiday season "will be about the same" as last year, said Executive Vice President Mark Miller.

And inventories "are probably going to be comparable to last year" at Vernon-based Studio 5 Clothing, an off-price women's clothing chain, said Bernie Labowitz, director of real estate. "The consumers are going to be very conservative. They're still scared to death."

But inventory levels at the Neiman Marcus store in Beverly Hills will be slightly above last year's, said store spokesman Kirk Gerou.

The store will carry the same amount of most merchandise but will add to its assortment of women's and men's accessories. It is selling some new labels as well, Gerou said.

Price Waterhouse forecast a modest 1.7 percent gain in sales for L.A. County during fourth quarter 1993 for general merchandise, apparel, furniture and "other" products, excluding items that aren't typically carried in department stores such as gasoline, food and automobiles.

Many retailers foresee only mild improvement, in line with Price Waterhouse's prediction.

Nordstrom officials anticipate "modest gains" in sales from last year and are "cautiously optimistic" about the upcoming holiday season, Joyce said. And Neiman Marcus' Beverly Hills store also is looking forward to a sales rise, Gerou said.

As far as specific merchandise is concerned, JC Penney officials expect their hottest selling items for children to be toys modeled after the purple dinosaur character Barney. For women, consumers are expected to buy "soft dressing," such as vintage clothing designed to appear antique, and retro clothing, reminiscent of styles of the 1950s, '60s and '70s.

Meanwhile, Arizona Jeans is also expected to be a popular pants label for everyone, Miller said.