It’s that time for caroling, eggnog, holiday cheer — and for some, a frantic dash to the mall.
Last-minute shoppers hit stores on Christmas Eve in a surge that retailers hope will top off a strong
holiday shopping season.
Among
them was Len Boswell. He started his shopping at 6 a.m. at Starbucks.
Later in the morning he was at a CVS drugstore in Decatur, Ga., picking
up candy and a neck pillow for his wife.
"I should have done this a couple of weeks ago," acknowledges Boswell, 68, a director of book
publishing at a nonprofit.
Stores
are expected to ring up $469.1 billion during the holiday season, which
runs November through December. The final week before Christmas can
account for up to 20 percent of those sales. Retailers tempered their
expectations heading into the season because they worried that Americans
weren’t ready to spend in the weak economy.
But sales have been
brisk during the two-month period, rising 2.5 percent from the start of
the season on Nov. 1 through last Saturday, according to research firm
ShopperTrak, which did not give a dollar figure. As a result,
ShopperTrak upgraded its sales growth forecast to 3.7 percent from its 3
percent estimate heading into the season.
"We’re seeing good
traffic, good sales," said Sherif Mityas, a partner in the retail
practice at A.T. Kearney, a management consulting firm. "Even with all
the bad news and hesitancy in terms of the economy, consumers are still
opening up their wallets more than last year, which is good news."
But
at a time when Americans are still concerned about high unemployment,
stagnant wages and market uncertainty, retailers aren’t willing to leave
anything to chance on the final shopping days before Christmas.
Toys
R Us and some Macy’s have been open 24 hours a day in the days leading
up to Christmas. At malls, Abercrombie & Fitch has been offering a
blanket 50 percent off on all items while J. Crew and Madewell offered
30 percent off. Retailers’ promotional e-mails are up 34 percent from a
year ago, according to Responsys, which tracks e-mail activity from more
than 100 merchants.
"They’re clearly putting their best foot
forward on promotions right now," said John Morris, analyst at BMO
Capital Markets. Morris estimates that promotional sale activity is up
about 7 percent compared with last year, taking into account the level
of markdowns and the amount of goods marked down.
Whether it’s the
sales or just plain-old procrastination, last-minute shoppers were
drawn to stores across the country on Christmas Eve.
Taubman
Centers, which operates malls across the country including The Mall at
Short Hills in New Jersey and Beverly Center in Los Angeles, reported
almost-full parking lots at some malls by 10 a.m., earlier than last
year. Apparel, electronics, perfume and jewelry were among the biggest
sellers.
Macy’s, in New York’s Herald Square, also was packed with
shoppers by late morning. The store has been open around the clock
since Wednesday and was set to close at 6 p.m. on Saturday.
Kimberly
Sylvester, 28, was out for the first time doing her holiday shopping
Christmas Eve. She had already spent $160 at Victoria’s Secret, taking
advantage of a sale — two bras for $40 — for her sister. At Macy’s, she
picked up Lauren by Ralph Lauren sheets marked down to $79. Sylvester,
who works with special needs children, said she has been too busy to
shop.
At Manhattan Mall in New York, there was a steady stream of shoppers Saturday morning.
Shamek
Shider, 22, was among them. He had spent $100 at Macy’s on snow suits
for his goddaughter on Friday, his first time out holiday shopping. He
came back on Christmas Eve and spent $250 on jewelry and clothing at
Macy’s and J. C. Penney for his mother, sister and other relatives.
"This is when I see the best deals," said Shider, who lives in Newark, N.J.
Ryan
Eagle, 25, planned to hit South Park Mall in Charlotte, N.C., Saturday
morning to shop for presents for his wife. He always shops on Christmas
Eve, he said, to get good deals and to people-watch. Last year, he found
$200 boots on sale for $50 at Macy’s.
"I’m a last-minute person," he said. "I enjoy going out and watching everyone run
around."
___
Mae Anderson reported from Atlanta, Ga.
Retailer Writer Anne D’Innocenzio in New York contributed to this report.
Follow AP retail coverage at http://www.twitter.com/AP–Retail.
Copyright 2011 The Associated Press.
