Faced with smaller crowds of less confident shoppers as well as six fewer days between Thanksgiving and Christmas than last year, retailers are pouring on margin-eating discounts.
“Retailers are selling at a point of desperation,” said Robin Lewis, a retail consultant based in New York. “They are going to be gouging each other’s eyes out. There’s more discounting going on than Heinz has pickles.”
As many as 140 million people planned to shop in stores and online yesterday through Sunday, the National Retail Federation said, down from 147 million last year. Black Friday will be the biggest day of the weekend, with about 97 million shoppers, the group said.
via Bloomberg
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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