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Day After Christmas Shapes Up As 2nd Black Friday

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Staff and wire reports

Published: December 25, 2008

After limping through a holiday season expected to be the worst in decades, the nation's stores made it to Christmas with little to celebrate.

But retailers' woes may be good for consumers looking for bargains Friday.

The after-Christmas sales have prompted some to call Friday a second Black Friday, the day after Thanksgiving that is traditionally a heavy shopping.

Among the specials on this new Black Friday:

*JCPenney is advertising "doorbuster" savings between 5:30 a.m. and 1 p.m., including storewide clearances of 60 percent and 75 percent off Christmas décor.

*Macy's is opening at 6 a.m. and is advertising morning specials until 1 p.m.

*KB Toys stores, which are closing their doors in January, are having liquidation sales, with items 40 percent off.

*Dillard's is offering 40 percent to 50 percent off various items.

*Bealls Outlet opens at 7 a.m. for savings of up to 70 percent.

For many merchants, the winter and beyond are likely to get even bleaker, because Americans are too worried about their jobs and the economy to do much shopping.

Over the past year, shoppers have drastically changed their spending habits in ways not seen since the 1970s, switching to store brands and discounters like Wal-Mart. During the holiday shopping season, they cut back on their spending, took advantage of big discounts and bought practical gifts.

"The new consumer mantra for this coming year is: If I don't need it, I won't buy it," said C. Britt Beemer, chairman of America's Research Group. "America has going from a consuming society to a planned-buying society. Everything is focused on saving more money."

The retail industry could be looking at its biggest contraction in 35 years, according to Burt P. Flickinger, III, managing director of consulting firm Strategic Resource Group. He estimates that 160,000 stores will have closed in 2008 and predicts that an additional 200,000 will shutter next year. In March and April of 2009, Flickinger expects 2,000 to 3,000 malls to shutter.

In Christmases past, stores could rely on a surge before or after the holiday to help save the season. But this year, it was virtually over before it began as stores had to slash prices on holiday goods as soon as they hit the shelves.

A full picture of the holiday season will not be known until Jan. 8, when major retailers report their sales figures.

Michael P. Niemira, chief economist at the International Council of Shopping Centers, said that sales on Friday could offer "a good window on how the post-Christmas season may play out."

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