Black Friday: Not a Debacle

November 29th, 2008 7:38 pm | by John Jansen |

Bloomberg with an article on Black Friday and consumer spending. The bottom line is that it was not a complete disaster.

I just found this one in the Financial Times and it is not quite as sanguine in its view

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  1. 5 Responses to “Black Friday: Not a Debacle”

  2. By texalope on Nov 30, 2008 | Reply

    I live in a small semi rural town; Bangor, PA. The are is a mixture of blue collar, middle class, and farm. Our proximity to NY and Phil (90 miles each)also makes us a suburban community too.

    The purpose of this post is to point out that main street is not as dire as wall street. The incessant scary financial headlines have made people cautious but they have not completely retreated from life. Commerce is moderately slowed. Malls and shopping areas are still active. Restaurants are still frequented. Children still have lessons and activities that parents pay for. Even cars are selling, but more slowly. Loans are available but not for unqualified buyers, and doesn’t that make sense.

    We may get to where all the dire predictions are, but we’re not there yet. So far, pscychology has been a financially depressing factor. It should not be a surprise that Black Friday was not a disaster. I hope the new president will inspire more confidence. A run in the market with some more positive headlines will do wonders.

    I think part of the daily involvement in the machinations of the markets can be very misleading. I make it a point to get out and experience life so I can have a sense of perspective about the markets,
    Anyway, Happy Holidays to anyone reading this.

  3. By Sean on Nov 30, 2008 | Reply

    I was similarly in my hometown, a small town outside of Pittsburgh, which had been doing reasonably well the local steel mill paying out bonuses as that business had been doing well. I had to run some errands and decided to check out the local strip malls, – target, Wal-Mart, Staples did not have full parking lots around 1 pm, maybe thats too late in the day, but for a big shopping day those stores looked like an average day. That being said the club I went to in Chicago Wednesday night did not have any tables available, though they were running half price bottles for black-out Wednesday.

  4. By Dan on Nov 30, 2008 | Reply

    What club in chicago?

  5. By Hedging Risk on Nov 30, 2008 | Reply

    My daughter in college works in retail, in a tourist town on the west coast. The store is an upscale clothing company in a very upscale by cost location. They had lots of foot traffic, almost excessive traffic, but very little actual sales. She sold 55% of her expected daily quota for Black Friday, and by yesterday she was seeing normal every day sales volume. The bodies showed up but the wallets remained closed.

  6. By Dave in SV on Dec 1, 2008 | Reply

    ShopTracker uses foot traffic and not actual sales to make predictions, so not sure how accurate they will be this year.

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