Retail Refugees

Black Friday Results
December 1, 2008, 4:59 pm
Filed under: Uncategorized | Tags: , , ,

From reports, it sounds like retailers have made up some ground lost on the sluggish start for the holiday shopping seasons… in Business Week, “Sales growth was anemic: Shopper Trak, a firm that follows mall traffic, reported that Black Friday retail sales totaled $10.6 billion, up 3% from a year earlier, compared with 7% growth for the same period in 2007. And with so much price slashing, many of those sales probably won’t generate profits. Consider that Sears Outlet was throwing in a free washer for every $700 dryer sold, and Old Navy had scarves and hats discounted to $1.00.

Indeed, retailers such as Kohl’s, Wal-Mart , and Toys “R” Us are offering some of the biggest savings shoppers have seen in decades. No wonder. Consumers are under siege, struggling with sky-high credit-card bills, sinking home values, and even layoff notices. Consumer spending was already down 1% in October—the biggest drop since the terror attacks of 2001, according to the Commerce Dept.

Still, the sight of so many shoppers was reassuring to merchants that rely on holiday sales for up to 50% of annual revenues. According to the National Retail Federation, shoppers spent an average $372.57 over the Black Friday weekend.”


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