US shoppers browse stores, buy online as deals beckon
Adobe Analytics projects internet sales to reach a record $5b
A Black Friday sale sign is displayed outside a makeup store. PHOTO: REUTERS
NEW YORK/CHICAGO:
US stores offered deep discounts, entertainment and free gifts to lure bargain hunters on Black Friday, the traditional start of the holiday retail season, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases.
Still, a sharp rise in online sales brightened the overall outlook for those traditional retailers that have expanded beyond brick-and-mortar outlets, sending their shares higher in day-after-Thanksgiving trading.
Stores also had carefully managed inventory, seeking to ward off any post-holiday liquidation that would weigh on profits. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years, even as some stores appeared to be getting creative with gimmicks besides heavy discounts to draw in customers. No actual data for Friday’s brick-and-mortar business was immediately available.
IHC moved to ban Black Friday for being ‘un-Islamic’
Despite anecdotal signs of muted in-store sales - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand - consumers are still expected to spend more overall this holiday season than last, analysts and industry executives said. Black Friday online sales totalled at least $3.54 billion by 8 p.m. EST (01:00 Saturday GMT), up 15.6% from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 US web retailers.
On Thanksgiving Day, US shoppers spent more than $2.87 billion online. Adobe projected internet sales would still reach a record $5 billion by the end of the night, with online retailers forecast to rake in an additional $6.6 billion on Cyber Monday. Indeed, some chains struggled to keep up, with brief online outages experienced by Lowe’s, H&M and the Gap, among others, according to website performance monitors.
Macy’s Inc customers in several states, including Texas, Arizona and Illinois, took to social media to complain about the retailer’s credit card processing system. The company acknowledged that processing was taking longer than usual in its stores and said it was working on the problem.
The hiccups dragged Macy’s shares 0.6% lower in extended trading. They had ended the regular session up 2.1%, boosted by comments from Chief Executive Jeff Gennette, who told CNBC that Macy’s was better off this year than last, had robust online demand and was in a good place for holiday promotions.
Published in The Express Tribune, November 26th, 2017.
US stores offered deep discounts, entertainment and free gifts to lure bargain hunters on Black Friday, the traditional start of the holiday retail season, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases.
Still, a sharp rise in online sales brightened the overall outlook for those traditional retailers that have expanded beyond brick-and-mortar outlets, sending their shares higher in day-after-Thanksgiving trading.
Stores also had carefully managed inventory, seeking to ward off any post-holiday liquidation that would weigh on profits. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years, even as some stores appeared to be getting creative with gimmicks besides heavy discounts to draw in customers. No actual data for Friday’s brick-and-mortar business was immediately available.
IHC moved to ban Black Friday for being ‘un-Islamic’
Despite anecdotal signs of muted in-store sales - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand - consumers are still expected to spend more overall this holiday season than last, analysts and industry executives said. Black Friday online sales totalled at least $3.54 billion by 8 p.m. EST (01:00 Saturday GMT), up 15.6% from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 US web retailers.
On Thanksgiving Day, US shoppers spent more than $2.87 billion online. Adobe projected internet sales would still reach a record $5 billion by the end of the night, with online retailers forecast to rake in an additional $6.6 billion on Cyber Monday. Indeed, some chains struggled to keep up, with brief online outages experienced by Lowe’s, H&M and the Gap, among others, according to website performance monitors.
Macy’s Inc customers in several states, including Texas, Arizona and Illinois, took to social media to complain about the retailer’s credit card processing system. The company acknowledged that processing was taking longer than usual in its stores and said it was working on the problem.
The hiccups dragged Macy’s shares 0.6% lower in extended trading. They had ended the regular session up 2.1%, boosted by comments from Chief Executive Jeff Gennette, who told CNBC that Macy’s was better off this year than last, had robust online demand and was in a good place for holiday promotions.
Published in The Express Tribune, November 26th, 2017.