November 28, 2014
Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in Los Angeles Times Article, "Shoppers Scooping Up Deals on Black Friday After Thanksgiving Bargain Hunt."
By Shan Li
Lines at some stores began forming early Thursday as consumers eschewed Thanksgiving dinner with an eye toward wolfing down discounted merchandise at any of approximately two dozen chains that were opening at some point during the holiday. On Friday, shoppers continued to stream into stores as retailers rolled out fresh deals to keep the momentum up through the Thanksgiving weekend.
Earlier-than-ever opening hours on Thanksgiving are taking some of the shine off Black Friday. This year, the last Saturday before Christmas -- known in retail lingo as Super Saturday -- is poised to dethrone Black Friday as the heaviest sales and traffic day of the year, according to ShopperTrak.
"This season consumers will spend more money than they did last year," said Ron Friedman, a retail expert at accounting and advisory firm Marcum. "But people are still nervous -- they are working harder and making less money. There will be more deals this year, and sales will be up but profit margins won't be."
The National Retail Federation has forecast that spending will climb 4.1% to $617 billion in November and December, compared with a 3.1% increase in the same period last year. That's good news for retailers, which can make as much as 40% of their annual revenue during the holidays.