It's pathological, it's mindless, it's embarrassing, ... it's Black Friday!
Earlier this week I told you how I feel about the Holiday shopping spree in Shop 'Til You Drop. You might also look at I Consume, Therefore I Am. I should add that Holiday temp hiring is a welcome development for those without jobs, or for those who need second (or third) jobs to make ends meet. For example—
Toys R Us is hiring 45,000 temporary workers – that’s up 30 percent from last year. Amazing is hiring more than 15,000 and UPS is bringing in 50,000 more workers.
However, a surge in retail sales during the Holidays should not be mistaken as signalling that the United States has a Real Economy, although Americans are sure to be confused about this as they always are. And now, Black Friday...
Black Friday 2010 starts with a bang (CNNMoney.com)
Neither rain nor snow could keep throngs of determined bargain hunters from hitting stores nationwide at the stroke of midnight on Black Friday, one of the biggest sales days of the year.
Black Friday, the day after Thanksgiving, typically marks the start of the annual holiday gift-buying marathon. This year, retailers are eager to rev up their holiday sales as soon as possible to make up for the past two lackluster holiday seasons.
So for bargain hunters who kick off their gift shopping Friday, merchants have made the deals especially sweet, particularly on key holiday favorites such as toys and electronics -- and it seems to be working...
Nicolosi said midnight shoppers made a beeline for deals on gaming consoles such as the Sony PS3 and Nintendo Wii bundle, and Apple iPad and iPod accessories...
Toys R Us didn't even wait until Friday to launch its Black Friday bargain bonanza. For the first time in the chain's history, all of Toys R Us' stores opened at 10 p.m. on Thanksgiving instead of the usual midnight opening.
For Retailers, Black Friday Expectations Are High (New York Times)
The day after Thanksgiving is called Black Friday because it is the day that retailers hope to turn from unprofitable (in the red, in accounting terms) to profitable (in the black) for the year. Last year, consumers spent $18.6 billion on Black Friday, according to MasterCard Advisors SpendingPulse.
Analysts surveyed by Thomson Reuters expect November sales for stores open at least a year to increase 3.5 percent, a sharp uptick after last year, when sales increased just 0.5 percent.
Hoping that consumers might finally be returning, retailers are trying just about anything to capture their cash. Many stores began running special offers in October this year. Online sites for Staples, Macy's and Kohl's offered Thanksgiving Day specials. Sears, Kmart and many Gap and Old Navy stores were open on Thanksgiving Day, with Toys "R" Us opening its doors at 10 p.m. on the holiday, and most Wal-Marts opening at midnight.
“You’ve seen retailers getting much deeper in their discounts, but also much earlier and more aggressive — they’re doing anything they can to get the consumer to spend money,” said David Bassuk, managing director of retail at the consulting firm AlixPartners.
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