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Black Friday as Bargain Hunt

Posted Nov 24, 07 7:17 AM CST in Business,  US 

(Newser) – On the traditional first day of the Christmas season, shoppers swarmed stores, as always, but the mood was less festive than anxious, reports the New York Times, as consumers flocked to discount chains, and hunted down bargains. Beset by worries about gas prices, adjustable-rate mortgages, and a skittish stock market, many bypassed more expensive retailers. Analysts are already calling this the "trade-down" holiday shopping season.

Early estimates show traffic on a par with last year, the Wall Street Journal reports, and sales up, but the deep discounts will hit profits hard. With the prognosis for holiday sales the worst in five years, retailers responded with aggressive price cuts, and highlighted cheaper merchandise. Even the FAO Schwarz flagship in New York put away extremely high-end toys that weren't selling well, the CEO said, and sales were up.

Sources New York Times, Wall Street Journal

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Shoppers walk the concourse on Black Friday at the Walden Galleria in Cheektowaga, N.Y. on Friday, Nov. 23, 2007. (AP Photo/Don Heupel)   (Associated Press)
Shoppers crowd the aisles of Best Buy in search of post-Thanksgiving bargains Friday, Nov. 23, 2007, at the Las Cruces, N.M. electronics store. They were there on Black Friday, which marks the start of...   (Associated Press)
Devoted Mac fans wait on line outside before their Black Friday shopping at the Fifth Avenue Apple store at midnight on Friday morning, Nov. 23, 2007 in New York. (AP Photo/Jin Lee)   (Associated Press)
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