Black Friday 2011 Walmart Early Openings
November 23, 2011 by staff
Chains such as Toys “R” Us Inc. and Gap Inc. (GPS) are opening earlier and offering more markdowns than ever on the day after Thanksgiving, said Mary Delk, a director at Deloitte Consulting. The result may be higher sales and lower profits for retailers over the holiday season.
“Consumer anxiety has resulted in a frenzy among retailers to compete for market share,” said Delk, who is based in Charlotte, North Carolina. “The inducements and deals are bigger and bolder.”
Wal-Mart Stores Inc. (WMT) is promoting a two-piece boys’ sleep set featuring Disney characters for $4.47. J.C. Penney Co. (JCP) will sell $18.88 digital music players and $30 kids’ camcorders. Black Friday shoppers who visit a Sears Holdings Corp. (SHLD) store will receive a coupon book with more than $3,000 in discounts.
Retailers are pouring on the deals to attract consumers grappling with 9 percent unemployment and a slower U.S. economic expansion than previously estimated. Third-quarter gross domestic product climbed at a 2 percent annual rate, down from a prior estimate of 2.5 percent growth, the Commerce Department reported yesterday in Washington.
Consumer spending, which accounts for about 70 percent of the economy, grew at a 2.3 percent annual rate, little changed from the 2.4 percent initial estimate.
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