Black Friday deals draw consumers out

Press Release:

NEW YORK, November 30, 2010 – As the traditional start of the 2010 holiday season got underway last Friday, retailers enjoyed some early holiday cheer as consumers woke up early on Black Friday and shopped. Overall for the week ending November 27, weekly retail sales rose by 0.5 percent after two weeks of sluggish sales, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition retail sales regained its momentum and rose sharply by 3.5 percent on a year-over-year basis.

“Consumers were out in force over the last week in search of bargains as 34 percent of consumers—or about 81 million people--reported shopping on Black or Bargain Friday and the subsequent weekend,” said Michael Niemira, ICSC director of research and chief economist. “This was largely as expected and helped to propel the week’s performance from the prior week. Overall it was a good start to the season, but consumers continue to report that their holiday gift shopping pace is well behind last year, which bodes well for the coming weeks,” Niemira added.

For November, which sales figures will be released on Thursday, December 2, ICSC Research anticipates that year-over-year comparable-store sales growth will increase by 3.0 to 4.0 percent, industry-wide, as more favorable weather and the start of the 2010 holiday shopping season takes hold.