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November 25, 2024

Local retailers bank on Black Friday, but indicators are mixed

CONTRIBUTED Westfarms mall in Farmington.
By Harriet Jones

Brick-and-mortar retailers are hoping to capitalize on the shorter holiday shopping season this year, with extended hours on Black Friday.

Westfarms mall in West Hartford will open for business at 8 a.m. on Friday, but some of its anchor stores will open even earlier - JC Penney is open 5 a.m. to 10 p.m., with Macy’s open 6 a.m. to 11 p.m.

“We are seeing Black Friday deals well in advance of what used to be a one-day shopping event,” says Elizabeth Ryan, Westfarms general manager.  “We are expecting to see these types of holiday savings expand into December at our retailers.”

Thanksgiving falls later this year, and the National Retail Federation says that has stoked demand for bargains in the customary discount window that begins on Black Friday and runs to Cyber Monday.

The annual NRF survey found that a record number of Americans – 183.4 million – are planning to shop this weekend. Almost half of that number say they’ll be shopping in-store on Black Friday.

According to the survey, total spending is expected to reach record levels during November and December and will grow between 2.5% and 3.5%, totaling $979.5 billion to $989 billion. 

Recent forecasts from big-name retailers are mixed. Walmart raised its annual sales and profit outlook for the third time earlier this month, but Target offered a subdued forecast, saying demand remains weak for higher-margin items such as home goods and electronics.

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