Sales on Black Friday may be bleak
But bargain hunters showing up for early morning specials on toys and TVs are not expected to buy with the same gusto as a year ago as they fret about tightening credit, massive layoffs and shrinking retirement funds.
Not to mention that consumers are already jaded by all those "60 percent off" signs plastered on storefronts. Analysts say shoppers may stick to smaller gifts like cosmetics rather than $1,000 flat-panel TVs in a holiday season expected to be the weakest in decades.
Another concern? There aren't any must-have items so far, even in toys though some items have been popular, such as Spin Master Ltd.'s Bakugan.
"I will be careful," said Joanna Rizzo, 20, an executive secretary from Medford, N.Y., who plans to stick to her budget of $200 for the day after Thanksgiving. Rizzo has just finished paying off her credit cards, and will use cash to pay for her presents. Overall, she plans to spend about $600, less than the $1,000 she spent on presents last year.
But in this year's deteriorating economy, stores from luxury retailers to consumer electronics chains pressed the panic button slashing prices up to 60 percent on even new merchandise. After reporting the worst October sales in at least 39 years, stores are seeing more weak sales in November, according to the International Council of Shopping Centers-Goldman Sachs Index, which measures sales at stores opened at least a year.
Kmart, a division of Sears Holdings Corp., started offering products at what it calls "Black Friday prices" earlier in the month the first time it had done so. Drugstore chain CVS Caremark Corp. will launch a weeklong "Black Friday" promotion on Sunday, offering early morning deals on items ranging from GPS devices to digital photos frames.
"Black Friday is going to have some very impressive deals, but overall the deals won't be any better than what you saw before," despite all the hype, said Dan de Grandpre, founder and editor-in-chief of dealnews.com. "Retailers have already given their best shots already."
Comments
- Audit: S.L. County 911 'inefficient' 1:02 p.m.
- Chamber has state budge answers 12:57 p.m.
- Paisley focused on duties, not CMAs 12:54 p.m.
- Brown pelicans off endangered list 12:52 p.m.
- Death penalty rare in military 12:50 p.m.
- Veterans Day in Afghanistan 12:49 p.m.
- Stocks edge higher as dollar slides 12:45 p.m.
- Elder Andersen to Caribbean Area 12:38 p.m.
- Ogden Regional to host charity run 12:25 p.m.
- Police probe synagogue vandalism 12:15 p.m.
- SLC council OKs gay rights policies
- Utah Jazz have a problem at point
- 'Love story' of crash victim ends
- Pratt pleads not guilty to sex charges
- Wyoming writer amazed by BYU
- BYU football recruit turning heads
- 12 Utes return to Texas
- Hair-pulling raises more questions
- Utah group finds homes for orphans
- Cougars' defensive hoops clinic
- House passes health care bill
268 - TCU showdown has big implications
189 - Lobo suspended
185 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - SLC council OKs gay rights policies
143 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - No 'backlash' for pioneers, gays analogy
108 - S.L. vote pending on gay protections
106
Maybe someone out there can help me understand how raising the state...
will it ever end?? does anyone besides myself ever get sick of seeing these...
I don't know about anyone else but I want this book as soon as it comes out....
This is supposed to be an excellent draft year. With two top picks the Jazz...
"General Welfare" refers to things that need to be handled by the Federal...
Just a tid bit of info for all the whiners, Pretty much all the larger school...
The worst part about Utah winning is that Boise will more than likely get the...
like any internship, you are there to learn from the professionals. i think...
That would be a fun storyline, especially against the Boston Celtics. I...
BYU fans will do a lot of talking, won't back up anything and afterwards will...
Okay, neocons you refuse to yield to ANY ideology but your own and are...



You can be the first to comment on this story.