Shoppers out in force
Published 11:26 pm Friday, November 26, 2010
For one day at least, you could almost imagine the recession never happened. Millions of the nation’s shoppers braved rain and cold to crowd stores while others grabbed online bargains on what could be the busiest Black Friday ever.
Early signs pointed to bigger crowds at many stores including Best Buy, Sears, Macy’s and Toys R Us, some of which had earlier openings than past years or even round-the-clock hours. Minnesota’s Mall of America and mall operators Taubman Centers Inc. and Macerich Co. also reported more customers than last year.
Some stores opened as early as 4 a.m. and were greeted by large crowds.
Selma Belk store manager Mark Jenkins said there was no waiting period for Black Friday shoppers at his store. By noon Friday he said numerous customers had already made their way through the Selma Mall location.
“Everything is looking good. We had 261 door busters this morning and gave out gift cards to the first 250,” he said. “The cards were gone in seven minutes.”
Walmart assistant store manager Kenneth Allison said despite the dim forecast, shoppers still made their way to the store.
“Everything has gone really well,” he said. “The bad weather didn’t keep people away.”
The most encouraging sign for retailing and for the economy was what Americans were throwing in their carts. Shoppers still clutched lists and the buying frenzy was focused on the deals on TVs and toys, but many were treating themselves while they bought gifts for others, adding items like boots, sumptuous sweaters, jewelry and even dresses for special occasions.
The strong Black Friday builds on retailers’ momentum after a solid start to November. Shoppers who can afford it are buying more nonessentials, like jewelry and luxury goods.
“Last year, consumers were extremely into the basics, the socks, the pillows,” said Keith Jelinek, director of the global retail practice at consulting firm AlixPartners. “This year, they’re hungry to dress up their wardrobes, their homes. Shoppers were buying items with a little more pizazz, trendier sweaters, sheets in higher thread counts.”
He cautioned that they’re not looking to replace everything — just looking for a few special items. “They’re still very value-conscious,” he added.
Macy’s CEO Terry Lundgren said there were 7,000 people outside its Manhattan flagship store for its 4 a.m. opening, up from 5,000 people a year ago.
“The difference between this year and last year was that last year, people had a budget and a list. They’re doing the same thing this year but they’re also buying for themselves,” he said. Among some of the hot sellers were a luggage set for $49.99 and $39.99 cashmere sweaters.
He noted that two groups that helped fuel customer traffic were young shoppers, ages 15 to 25, and men, both of whom were buying for themselves.
Sharply reduced prices on flat-screen TVs helped fuel many stores’ sales, according to Marshal Cohen, market research analyst at NPD Group Inc. Stores were grappling with a glut of TVs heading into the season because they had overestimated consumer demand.
Research firm ShopperTrak is expected to release Black Friday data on Saturday, but a full picture of how retailers fared for the overall weekend won’t be known until Thursday when major retailers report their monthly sales results.
Many purchased with cash, and layaway remained popular as shoppers try to budget. Sears reported that consumers were setting aside items like Nordic treadmills that were on sale for $399, a savings of $400, to be delivered after the holidays.
Credit cards were staying inside many wallets.
Shoppers did their homework, researching deals on websites. Stores made planning easier by touting their bargains last week.
A big worry is that some of the solid buying earlier in November could steal thunder from the rest of the season and leave a deeper lull between Thanksgiving weekend and the few days before Christmas.
Associated Press and reports contributed to this report.