Tuesday, November 25, 2008
Black Friday Could be a Boom or a Bust for Retailers
An unprecedented culmination of economic factors are clouding the forecast for Black Friday sales. Virtually every American has taken a hit from the slow economy, but within the past few weeks, a few positive shifts, such as cheaper gas and stronger consumer confidence, could change the entire picture.
A post on today's Wall Street Journal blog cited some interesting stats from the International Council of Shopping Centers (ICSC). Retail Chain Store Sales Index declined 0.9% in the week to Nov. 22 from its level a week before, on a seasonally-adjusted, comparable store basis. and a 0.8% decline compared the same week in 200. Michael P. Niemera,ICSC's chief economist suggested that slumping sales in early November could be an indication that more shoppers are holding their cash in anticipation of the upcoming bargains.
Ahead of Black Friday shopping, consumers are seemingly holding back waiting for those big discounts in the days following Thanksgiving, which means that a lot is riding on Black Friday shopping
Retailers are left wondering: Will Americans spend some of that newfound cash they used to spend gas, or will they continue to curtail their spending into 2009, or will they storm Best Buy and Macy's like an invading force? Obviously, the ultimate answer will come from all of us. With that in mind, we wonder if you plan to participate in shopping stampede at your local mall or retail outlet. Tell us on our poll.
By Matt O'Hern at 03:31 PM | Comments (0)