NEW YORK (AP) — Millions of U.S. shoppers braved rain and cold to crowd stores while others grabbed online bargains on what could be the busiest Black Friday ever.
Early signs pointed to bigger crowds at many stores including Best Buy, Sears, Macy’s and Toys R Us, some of which had earlier openings than past years or even round-the-clock hours. Minnesota’s Mall of America and mall operators Taubman Centers Inc. and Macerich Co. also reported more customers than last year.
But the most encouraging sign for retailing and for the economy was what Americans were throwing in their carts. Shoppers still clutched lists and the buying frenzy was focused on the deals on TVs and toys, but many were treating themselves while they bought gifts for others, adding items like boots, sumptuous sweaters, jewelry and even dresses for special occasions.
Black Friday, usually one of the busiest shopping days of the year, is a day in which retail stores have enough sales to put them “in the black” — an accounting expression alluding to the practice of recording losses in red and profits in black
In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday’s Thanksgiving holiday.
Toys R Us, which drew in shoppers with 50 percent discounts on such toys as Buzz Lightyear and Barbies, was counting on getting an extra boost by opening 24 hours straight, starting at 10 p.m. on Thanksgiving.
Toys R Us’ 10 p.m. opening at its flagship store in Times Square drew 1,500 shoppers, says CEO Jerry Storch.
“Where there are bargains, there are people looking to gobble them up,” said Marshal Cohen, chief analyst for market research firm NPD. Though people were mostly sticking to their lists, some were picking up small extras. However, “the consumer is still very calculated.”
Patricia Lopez, 32, a receptionist from Queens, New York, was in line at Toys R Us in New York’s Times Square Thursday night. The earlier hours were an enticement.
“I thought, good, we’ll come here and I won’t have to go tomorrow.” But she still planned to get up at 6 to hit more sales. Lopez said she feels better about her finances.
“The economy got people a little scared so they started to save,” she said. “I think I feel a little better this year than last year. I had just started with my job…”
Diehards started lining up at the Target department store on Chicago’s North side at 10 p.m. Thursday, and by the time doors opened at 4 a.m. Friday, the line was almost 600 people deep.
In an encouraging sign for retailers and for the economy, more shoppers appeared to be buying for themselves than last year, when such indulgences were limited.
During the disastrous 2008 Christmas, shell-shocked shoppers stuck to buying gifts for others.
Cohen, who had a team of consultants monitoring 11 regions in the U.S., estimated that 15 percent of purchases so far on Friday were items for themselves, up from about 9 percent last year on the same day. On Black Friday 2008, he estimated it dropped to about 5 percent. In good economic times, such purchases run about 26 percent, Cohen said.
“I would not go out in the cold for family,” joked Kat Reyngold, 35, who wanted a 40-inch (100-centimeter) Westinghouse TV on sale at the Chicago Target for $299.
Bad weather, however, could put a damper on sales. Rain was falling or threatening much of the East Coast, and morning subfreezing temperatures were gripping the Midwest and mountain states, according to the National Weather Service.
The fierce battle for shoppers’ wallets promises savings for those willing and able to buy amid an economy that’s still worrying many.
The good news is that U.S. retailers are heading into the season with some momentum after a solid start to November. Shoppers who can afford it are buying more nonessentials, like jewelry and luxury goods. That’s helping to lift their spirits about the holiday season, which is expected to generate revenue gains modestly higher than a year ago.
Still, nearly 15 million Americans are unemployed, and concerns about job security cloud consumer confidence. Spending may be picking up but has not returned to pre-recession levels.
So, retailers are pushing deals on basics as well as offering discounts on more deluxe items, from bigger flat-panel TVs to more elaborate play sets.
“It’s a dogfight between retail companies,” said Chris Donnelly, a senior executive in consulting group Accenture’s retail practice. “This year is the first time that there’s a little more money in the marketplace so they’re being more aggressive about getting the last dollar.”
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AP Business Writers Mae Anderson in New York, Ashley Heher in Chicago and Sarah Skidmore in Portland, Oregon, contributed to this report.
