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Bargains There, But Did They Buy?

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BY NEIL JOHNSON, The Tampa Tribune

Published: December 27, 2007

BRANDON - Shopping the day after Christmas this year was no Black Friday, when throngs of bargain hunters lined up in pre-dawn hours.

Many retailers opened earlier than ever Wednesday and slashed prices in hopes of salvaging a holiday season that is falling short of modest expectations. Merchants are trying to lure post-Christmas bargain hunters and people who got gift cards, which aren't recorded as a sale until they are used, in the hopes of getting a boost before the year closes out.

But if Wednesday was any barometer at local stores, retailers may not want to bank on a big bang from post-holiday shoppers. The number of shoppers seen at some local stores appeared to be closer to that seen on a typical day.

The day after Christmas has emerged as a day for retailers to use markdowns and other promotions to lure shoppers back into the aisles in the hope of a late year sales bounce. Seasonal items such as gift wrap and Christmas cards are deeply discounted.

That's what drew Dot Monforte, along with two daughters, two granddaughters and a daughter-in-law, to the SuperTarget in Brandon. They jammed a cart with half-priced Christmas items - something they do every year.

But when they arrived at the store about 9:15 a.m., they found more items on the shelves and fewer shoppers in the aisles than expected. "I didn't expect to see this much stuff left," said Monforte, 70, of Valrico.

After hitting the SuperTarget, they planned to make a run to a mall to use gift cards they received for Christmas.

The International Council of Shopping Centers said Wednesday that same-store sales, or sales at stores open at least a year during the November-December period, appear to be coming in just below slim projections for a 2.5 percent gain. The trade group said post-Christmas buying could help restore the shortfall. That contrasts to a more upbeat assessment from its chief economist Michael P. Niemira, following the weekend's spending surge, who predicted that holiday sales could at least meet forecasts.

Target Corp. warned late Monday that its same-store sales might decline for December, and a broad gauge of consumer spending released by MasterCard Advisors, a division of the credit card company, which includes estimates for spending by check and cash, reported Tuesday an increase of 3.6 percent from Thanksgiving to Christmas. That compared with a 6.6 percent gain in the year-ago period.

"The ingredients were not there for a blockbuster season," said Michael McNamara, vice president of research and analysis of MasterCard Advisors. "And retailers in many respects got the most out of the season that they could based on the environment."

High gasoline prices, an escalating credit crisis and a housing slump made shoppers cautious about buying holiday gifts.

Stores had to step up discounting to spur sales, raising concern over stores' profit picture during this crucial period. The holiday season accounts for up to 30 percent of annual stores sales. For toy sellers, holiday business accounts for as much as 50 percent.

Retailers' woes are good news for shoppers, who are being bombarded with even more generous discounts in the after-Christmas period. For example, Toys R Us offered 40 percent price cuts on all MP3 and iPod accessories.

Shoppers such as Terri Spitz hit stores to hunt for bargains. Spitz, along with six family members and a friend, arrived at the Westfield Brandon mall at 6 a.m. Their plan was to first hit Macy's as part of a marathon of post-Christmas shopping.

Spitz came from Orlando, and her mother, Joy Guidry, came from the Sumter County community of Center Hill. The Dec. 26 shopping expedition is something the women have done for seven years. Much of the group's attention initially focused on Christmas items. Later shopping rounds would be to use gift cards.

In past years, Spitz recalled, there were larger crowds.

"It's definitely less crowded than other years," Spitz said.

Information from The Associated Press was used in this report. Reporter Neil Johnson can be reached at (813) 259-7731 or njohnson@tampatrib.com.

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