Shoppers jam stores for Black Friday deals

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(Agencies)
Updated: 2008-11-28 20:59

NEW YORK -- Shoppers, who had snapped their wallets shut since September, flocked to stores and malls before dawn Friday to grab deals on everything from TVs to toys for the official start of the holiday shopping season, feared to be the weakest in decades.

Retailers from Toys "R" Us Inc. and Best Buy Co. to J.C. Penney Co. extended their hours - some opening at midnight - and offered deals that promised to be even deeper and wider than even the deep discounts that shoppers found throughout November.

But the question remains whether anyone will be spending much money on holiday gifts as a recession nears, credit markets remain frozen, layoffs loom and consumer spending shrinks.

After her granddaughter settled on which kind of wheels she wanted for Christmas, Patricia Griffith of DeQuincy, La., left her home at midnight for the Lake Charles, La., Kmart to ensure a place at the head of the line.

"I'm after some stuff for my 3-year-old grandbaby," said Griffith. She noted, "We're going to get two TVs that are on sale."

She added, "I'm spending more because my grandbaby gets whatever she wants. She's the only one I have, and my daughter can't have no more, so we buy whatever she wants."

Black Friday - which falls on the day after Thanksgiving and officially starts the holiday shopping period - received its name because it historically was the day when a surge of shoppers helped stores break into profitability for the full year. But this year, with rampant promotions of up to 70 percent throughout the month amid a deteriorating economy, the power of this landmark day for the retail industry could be fading.

Still, while it isn't a predictor of holiday season sales, the day after Thanksgiving is an important barometer of people's willingness to spend for the rest of the season. And particularly this year, analysts will be dissecting how the economy is shaping shoppers' buying habits, including whether they will spring for big ticket items or focus on small purchases like gloves and hats

Last year, the Thanksgiving shopping weekend of Friday through Sunday accounted for about 10 percent of overall holiday sales, according to ShopperTrak RCT Corp.

The group hasn't released estimates for Black Friday sales this year, but experts believe it will remain one of the season's biggest selling days, even as shoppers remain deliberate in their spending.

Britt Beemer, chairman of America's Research Group, expects to see the surge of shoppers dramatically taper off throughout the day and into the weekend.

"I think we are going to see the busiest Black Friday ever, but will it carry over past 10 a.m.?" he said. "The bottom line is a great Black Friday does not make a season."