AS THE INTERNATIONAL FUR FAIR SEASON WINDS DOWN, the North American Fur & Fashion Exposition in Montreal this week could prove to be an exception to the generally sluggish results so far. Not that anyone is predicting a howling success, but the expectation is that it could turn out to be relatively better than the other fairs elsewhere. The main reason is that American retailers - traditionally the biggest supporters of this event - have come through a decent season and have moved enough merchandise to warrant replacement. And, at a time of increased cost-consciousness, Montreal's proximity outweighs Hong Kong or Milan.

True, the average retailer is scaling back his inventory plans in view of current economic conditions, but they do have to replace certain basics and also will be looking to brighten their collections with new fashions. A spot check of leading retailers across the U.S. last week indicated there may be more heading for Montreal than in recent years, mainly because the overseas traveling expenses couldn't be squeezed into their reduced budgets. These include several who had previously patronized NAFFEM, but then found it more economical to buy direct from manufacturers in Hong Kong. With their buying plans now cut back, however, those savings no longer cover the trip's expense.

MEANWHILE, SPRING RETAIL SALES - RARELY ANYTHING TO SHOUT ABOUT - are described as on a par with last year despite the sour economy. Sharp discounts are cited as having played a major role. With retailers in general offering heavy discounts - and discounting has become the rule - those offered by furriers appear to have taken on greater credibility than in previous years. As a result, several are reporting that unit sales are up, but dollar volume is slightly off.