At Barneys New York, a blue cashmere coat with mink trim was selling for $2,889, a 40 percent discount off the original $4,820 price.
“I have seen so much discounted so early,” said Terie Bray, 45, who was shopping at Barneys on Monday, her second visit in two days to the upscale Madison Avenue store. Bray bought designer boots and a pair of Maison Margiela pants yesterday, both at 40 percent off. “If they are giving a 40 percent discount now, how much are they going to give for Christmas -- 60 percent, 70 percent?”
While more people are shopping online each year, internet sales still represent less than 12 percent of total holiday retail purchases, according to EMarketer estimates. That means there is still plenty of opportunity for physical stores, including the struggling department-store industry.
Researcher ShopperTrak found that consumer visits to brick-and-mortar retailers on the day after Thanksgiving -- considered one of the busiest shopping days of the year -- slipped less than a percent from last year.
Brick-and-Mortar
“There has been a significant amount of debate surrounding the shifting importance of brick-and-mortar retail, and the fact that shopper visits remained intact on Black Friday illustrates that physical retail is still highly relevant,” said Brian Field, senior director of advisory services for ShopperTrak.
More retailers opted to close on Thanksgiving Day this year, Field said. Based on years of traffic data, shopping on the holiday was only pulling visits from Black Friday, rather than creating an additional buying opportunity, he said, and that closing on Thanksgiving contributes to lower overhead and increased goodwill.
The National Retail Federation estimates U.S. holiday spending will increase as much as 4 percent this year. The industry’s biggest trade ground will provide its survey of Black Friday weekend shopping on Tuesday.
This article was provided by Bloomberg News.