Nov. 23 - Retailers can earn up to 50% of their profits during the holiday season. Conway G. Gittens reports.
The daily digit today is 50%. Retailers can earn up to 50% of their profits and more than one-third of their annual sales during the holiday season that kicks off with Black Friday. And sentiment seems to on their side. Shoppers welcomed late-Thanksgiving night openings of stores like Target and Toys R Us, showing little restraint in spending money. There were concerns heading into Black Friday that the U.S. economy could be pushed over a "fiscal cliff," if a combination of tax hikes and spending cuts take effect in January. Warnings about another recession by some economists seemed to go unnoticed at cash registers. Across the country, store lines were long. A recent Reuters/Ipsos poll showed that two-thirds of shoppers were planning to spend the same amount of money as last year or were unsure about plans, while 21% intended to spend less, and 11% planned to spend more.