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Black-Friday Woes: The Death of the Department Store

Saturday, November 26, 2016 4:02
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(Before It's News)

wolfstreet.com / by Wolf Richter / November 25, 2016

They no longer shop till they drop.

Black Friday is when you’re supposed to shop till you drop. It kicks off the holiday selling season. No season is more sacred for retailers. They’re expected to do about 40% of their annual sales in those few weeks till Christmas.

The National Retail Federation is bubbling over with enthusiasm, expecting holiday sales to grow 3.6% this year to $656 billion. Since Trump has won the election, consumer optimism about the economy has surged, and this is expected to be one hot holiday selling season.

But not today, not at brick-and-mortar retailers, according to Reuters:

“Initial reports show it’s steady and not very busy at stores around the country,” explained Craig Johnson, president at Customer Growth Partners. The retail consultancy deployed 18 people to observe customer traffic across the country.

Store traffic remained subdued across the country, according to spot checks made by Reuters reporters and industry officials.

Rain hurt shopping at stores in the Northeast, Johnson said, but some retailers like Best Buy and Wal-Mart saw improved customer traffic at stores across the country.

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The post Black-Friday Woes: The Death of the Department Store appeared first on Silver For The People.

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