Should it still be called Black Friday when big retailers such as Macy’s, Target, and Best Buy are kickstarting holiday deals well beforehand?
JCPenney rang in the holiday shopping season at 2 pm on Thursday. Within an hour and a half, it had already seen about 2,000 patrons, according to Joe Cardamone, the general manager at its Manhattan Mall location. Cardamone, who’s worked for the company 43 years, says it helps that consumers these days know what they want.
“I think the customers now are more focused on what they really want when they come in, versus years ago when we first started all of this,” he said. “Now they have their list ready to go, and when they walk in, you can tell that they have an agenda.”
To fare well with that amount of foot traffic, Cardamone says stores have to be well-stocked and the check-in, check-out process has to be seamless. He told Cheddar that employees start prepping for the highly-anticipated weekend a month in advance.
The holiday season typically starts on Thanksgiving Day, but this year, 49 percent of shoppers started their holiday shopping as early as September, according to a Nielsen report. However, Nielsen notes that Black Friday and Cyber Monday are still key days for those looking for a bargain.
About 75 percent of U.S. shoppers are planning to spend their money over this weekend and on Cyber Monday, according to Deloitte. The firm reported that shoppers will spend an average of $427 over the Thanksgiving weekend, up from $400 last year. Midwestern buyers will spend the most money this season, shelling out about $517 at the cash register.
The same report highlights that 85 percent of shoppers will be visiting brick-and-mortar stores, and 91 percent will partake in online shopping. This comes at a time when brick-and-mortar stores have been struggling to sell inventory. Recently, J.Crew announced it will be closing 50 of its stores during the 2017 fiscal year.
To compete with e-commerce --which eMarketer projects will jump 11.5 percent this holiday season to $106.97 billion-- the JCPenney leadership is focusing on consumer demands. Cardamone says new CEO Marvin Ellison’s one-on-one with customers has helped.
“That was pretty evident yesterday, how happy the customers were with what we showed them throughout the store,” he said.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
Hear from Gabino & Stephen Roche on Saphyre’s institutional AI platform that centralizes pre‑ and post‑trade data, redefining settlement speed and accuracy.
Elon Musk’s X has reached a tentative settlement with former employees of the company then known as Twitter who’d sued for $500 million in severance pay.