Stores across the country opened their doors earlier than ever for Black Friday, many starting their deals on the evening of Thanksgiving. However, despite the fantastic sales and longer hours, the final numbers are nothing great. The week of Thanksgiving and Black Friday saw a 2.8% drop in sales compared to the week before, says the International Council of Shopping Centers and Goldman Sachs Chain Store Sales Index. However, the same time last year, sales went up 2.5%, signaling that this year’s major price drops were not enough to get shoppers in the door.
“Consumers have completed an average 37.3% of their holiday gift buying, which means there is still a lot left to do over the upcoming weeks, and the early performance typically is no bellwether of the season as a whole,” says council Vice President Michael Niemira.
Analyst for Bloomberg Industries, Poonam Goyal also noted that the stores have more work to do to prepare for the remaining weeks of shopping. “Retailers didn’t get what they wanted from Black Friday and they will need to make it up in the next three weeks,” Goyal said. “There will be some panic sales.”
