Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.Retailers are doing their best Monty Hall.
This holiday season, shoppers are being offered online price matching and various pre-Black Friday sales as retailers try to head off what is expected to be a conservative shopping period.
The Christmas creep – holiday sales starting sooner each year – is a trend not likely to go away, said Mike Brooks, general manager of Jefferson Pointe. Holiday shopping, which is supposed to top $580 billion this year, accounts for up to 40 percent of annual sales for some retailers, according to the National Retail Federation.
Brooks said he’s not surprised by store owners who are opening today when they’d usually be at home eating turkey.
“They’re trying to extend the season, and I understand that,” he said. “I think the jury is still out, though, on whether Thanksgiving will ever surpass Black Friday. Thanksgiving is a big family tradition when people come together.”
Maybe so, but that won’t stop some folks from making shopping as much a part of the day as eating.
The International Council of Shopping Centers reports that 41 million people will hit the stores today. Still, Black Friday is by far the busiest shopping day with 80.5 million people planning to buy merchandise.
The Consumer Electronics Association expects nearly a third of all gift spending will be on gadgets. Consumers plan to spend $252 on electronics this year, which is on par with $246 doled out last year.
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