News and Events
Weak Economy Affecting 'Black Friday' Shopping
President and CEO Ivan Friedman talks to CBS New York about the state of retail.
Nov 28, 2008 WCBS TV
NEW YORK (CBS) ― Gift cards could be the gift choice for many of the nearly 130 million people expected to shop on Black Friday and beyond.
That number is down from past years, but is still a big number that has some hopeful for this holiday season.
Black Friday began with a bang, but retailers worry that it could end with a whimper.
The weeks between Thanksgiving and Christmas usually generate between 30 and 40 percent of stores' annual revenue.
This year, with spending down and unemployment up, the economic climate is not looking good for holiday shopping.
"It's terrible. Normally, retailers see a three to five percent increase," retail expert Ivan Friedman said. "Because sales have been so poor in all of October, we think it will be horrible."