Retailers Pull Out All Stops to Draw Last-minute Shoppers
A Christmas approaches, millions of Americans are crowding stores searching for last minute bargains to cap off one of the busiest holiday shopping seasons ever. US retailers are expected to log more than $469 billion in sales since Thanksgiving, and the final week can account for 20 percent of those sales. Retailers had been tempering their expectations for the holidays, as they feared the weak economy would hinder sales, but sales have been brisk, according to the National Retail Federation, with Black Friday and Cyber Monday each setting records.
Earlier this week, the National Retail Federation, a major trade group representing retailers around the nation, raised its forecast for holiday sales by 3.8 percent. Through December 17th, retail sales from the beginning of the holiday season were up 2.5 percent. And shoppers aren't just shopping in stores, as online sales during the season have reached $32 billion, already a 15 percent increase over last year's online holiday sales.
While the numbers have been solid, retailers still aren't willing to take chances on the last few vital shopping days before Santa comes, offering steep discounts to lure last minute shoppers. Some stores, such as Macy's and Toys R Us, decided to stay open 24 hours on the last few shopping days remaining, while others such as Abercrombie & Fitch are offering store-wide discounts of up to 50 percent. Stores are also using digital media, with promotional email volume sine late November up 34 percent versus a year ago.
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