Stock Market Watch

Black Friday Sales Rise 6.6%

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Preliminary reports for Black Friday suggest that retailers had their strongest sales ever. According to data from ShopperTrak, Black Friday retail sales rose 6.6% to an estimated $11.4 billion this year. This compares with an increase of just 0.3% last year. Shoppers were lured by huge discounts and longer hours from retailers such as Gap Inc. (NYSE: GPS) and Macy’s Inc. (NYSE: M).

ShopperTrak, which tracks foot traffic at malls and stores, said that this is the largest year-over-year increase in ShopperTrak’s National Retail Sales Estimate for Black Friday since the 8.3% increase seen between 2007 and 2006. Bill Martin, founder of ShopperTrak, noted the still it is just one day and it remains to be seen whether consumers will sustain this behavior through the holiday shopping season. However, he noted that if don’t have a good Black Friday, it is almost impossible to have a good holiday season.


During the month of November retail sales have been strong, suggesting that the strong performance on Black Friday will be sustained through the holiday season. According to data from ShopperTrack, in the two weeks leading up to Black Friday, retail sales climbed 3.6% and 3.8% respectively. Martin said that retailers continue to stretch out Black Friday weekend by enticing shoppers with doorbuster deals weeks in advance. ShopperTrak data showed that foot traffic rose 5.1% this year as shoppers were lured by larger bargains and discounts.

Martin said that shoppers were lured by heavy advertising in weeks leading to Black Friday. Also, a lot more retailers opened earlier this year, compared with last year. Marin also said that even though it is still a sketchy economy, there has been a steady improvement in unemployment that gives people more confidence to buy. Martin noted that that it can also be pent-up demand.

 

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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