With the holiday spirit in full swing, retailers hope low oil prices and poor Black Friday results don’t add up to a “bah humbug” shopping season.
“We haven’t seen a major impact yet; we are seeing strong crowds, generally strong in the retail area, so hopefully that won’t happen until January or February and we’ll get through the Christmas season,” said Maggie Schofield with the Downtown Business Association.
“This is make or break for most retailers.”
According to the U.S. National Retail Federation, Black Friday sales were off 11 per cent this year – down $6.5 billion.
A Mount Royal University retail expert says it is likely that shoppers are changing how they buy instead of how much they spend.
“Knowing that I am going to get a good deal anyway, whether on Black Friday or any day, knowing that I can buy stuff online without waiting outside in the cold in many cities, yes I am going to change my ways as a consumer,” said Mohammed El Hazzouri with the Bissett School of Business.
Early returns from Cyber Monday back that argument up.
Online sales rose by 9.2 per cent as of noon EST, and mobile online traffic increased a whopping 38.6 per cent – accounting for 21 per cent of sales.
Not everyone chooses shopping online over a retail store, which is why the smart retailer offers shoppers both options.
“They still need a bricks-and-mortar business so they can come and see the merchandise,” said Schofield.
“Then they want to go home and decide what they want to buy, and they’ll buy it online.”
Comments