The strong customer traffic and sales trends retailers’ experienced Thanksgiving weekend extended into Cyber Monday when shoppers maintained their record pace of spending and propelled online sales to new heights.
The holiday season is about to get underway with what is expected to be the single greatest spending orgy in the history of commerce with more than $20 billion spent on Black Friday compared with $19.3 billion last year, according to MasterCard Advisors SpendingPulse.
While many retailers are boasting about opening on Thanksgiving Day night to give shoppers an early start on the Black Friday weekend, Jo-Ann Fabric and Craft Stores is going in a different direction and will stay closed for the holiday.
Up to 152 million people plan to shop Black Friday Weekend, compared with the 138 million who planned to do so last year, according to a preliminary Black Friday shopping survey, conducted for the National Retail Federation by BIGresearch.
Toys"R"Us announced that it plans to hire more than 40,000 employees to staff its U.S. stores and distribution centers this holiday season, as the company anticipates another busy Christmas across all of its shopping channels.
In the wake of several surveys projecting how shoppers will spend this holiday season, the latest study from ShopperTrak expects national retail sales to increase 3% during November and December, while foot traffic will drop 2.2%.