Retailers ready Black Friday offers as they face shorter selling season, cautious shoppers
By Siddharth Cavale, James Davey and Helen Reid
NEW YORK/LONDON (Reuters) -From Taylor Swift's new Eras Tour book priced at $39.99 and sold only at Target (NYSE:TGT ), to a $50.99 Jessica Simpson puffer coat at Walmart (NYSE:WMT ), marked down from $84.99, retailers in Europe and the U.S. offered bargain-hunting shoppers exclusive products and steeply discounted general merchandise on Black Friday.
As retailers prepare to open as early as 5 a.m. after the American Thanksgiving holiday, they are hoping more people seek to close out their shopping lists despite a shorter timeframe.
Retailers in Europe threw open their doors first, with British department store John Lewis (JO:LEWJ ) offering reductions of up to 300 pounds ($381) on Samsung (KS:005930 ) TVs, 210 pounds off Nespresso coffee machines and up to 50 pounds off Apple (NASDAQ:AAPL ) merchandise.
London-listed consumer electricals retailer Currys, which is offering 171 pounds off Shark cordless vacuum cleaners, said popular products so far were Sony (NYSE:SONY )'s PlayStation 5, air fryers, retro tech such as Polaroid cameras, beer pumps, pizza ovens and tumble dryers.
"The reason I am here is that I think everything is so overpriced," said Kate Isaienko, 26, while browsing in a Zara store on Oxford Street, one of London's main shopping districts.
Isaienko, who took a day off work to hit the sales, said clothes prices had increased significantly at Zara since she moved to London from Ukraine and that she was looking to take advantage of discounts.
In the U.S., Walmart, which operates 4,700 U.S. stores, opens its doors at 6 a.m., as does Target, with 1,963 stores. Walmart this year is offering a variety of deals on Samsung TVs, Dyson vacuum cleaners, Lego and Hot Wheels toys, Levi's (NYSE:LEVI ) jeans, and air fryers, although its pre-Black Friday discounts began Nov. 11.
'SPONTANEOUS PURCHASES'
Target cut prices by $100 on products such as a 75-inch Westinghouse TV and Nintendo Switch (NYSE:SWCH ) gaming console, as well as more than 50% off Barbie dolls, Keurig coffee machines and KitchenAid mixers, deals which started on Thanksgiving and run through Saturday. Target is selling exclusive "Wicked"-related products, including "Wicked" soundtrack CDs for $39.99 with an offer of buy two get one free for Target Circle members.
The National Retail (NYSE:NNN ) Federation, a U.S. retail trade group, expects roughly 85.6 million shoppers to visit stores this year, up from 76 million last year. Shoppers have only 26 days between Thanksgiving and Christmas; last year, they had a more leisurely 31 days.
Adding pressure for retailers is inflation-fatigued shoppers' reluctance to splurge unless they get good deals.
While most U.S. retailers are closed on Thanksgiving, some like J.C. Penney will open as early as 5 a.m. to give shoppers a holiday shopping head start. Best Buy (NYSE:BBY ), Lowe's (NYSE:LOW ) and Home Depot (NYSE:HD ) will open doors at 6 a.m., with Costco (NASDAQ:COST ), TJ Maxx, Ikea and Sephora opening between 7 a.m. and 10 a.m., according to local store postings.
"With fewer days to shop, consumers are more likely to make spontaneous purchases, contributing to retail growth during the holiday season," said Marshal Cohen, chief retail adviser at Circana.
Black Friday marks the start of the Christmas shopping season and is known for crowds lining up at big-box stores for "doorbuster" discounts. But it has lost its luster as more Americans shop online, a trend that accelerated by the pandemic.
Major brick-and-mortar retail chains plan to showcase interactive products and experiences, including Ray-Ban augmented-reality glasses, extra-extra-large TVs at electronics retailer Best Buy, and spa services at U.S. department store chain Nordstrom Inc . (NYSE:JWN )
Source: Investing.com
