Retailers are counting on a surge of last-minute shoppers to help lift holiday sales after a relatively slow few weeks.
While holiday shoppers came out in force the weekend after Thanksgiving, they pulled back in the following weeks, prompting many retailers to cut prices in an effort to boost sales.
“You’re starting to see more of the big 40 to 70 percent-off sales or retailers offering $15 gift cards for every $75 spent,” observed Patricia Pao of New York specialty retail consulting firm the Pao Principle.
The weekend after Thanksgiving attracted throngs of shoppers, but many were snapping up bargains for themselves rather than buying gifts. Many shoppers are still waiting for additional discounts, Pao said.
“U.S. retail has trained Americans to buy everything on sale, so they’re just waiting for the discounts,” Pao said.
But price was no consideration for Danette Anderson, a Denver dietitian who used her day off to begin holiday shopping at Cherry Creek Shopping Center.
“I’m a little behind this year,” she said.
Anderson said the sales and discounts hadn’t caught her attention because she’s more interested in finding the right gift than saving money.
Shopper Mike Giglio was also just beginning his holiday shopping Monday. After an hour and a half in the mall, he had managed to cross six gifts off his list – including Michael Jordan gear and Nike baby booties.
“I’m very methodical about my shopping. I start at the top of the mall and circle my way down,” he said.
As late shoppers, Giglio and Anderson aren’t alone. Data issued Monday by the National Retail Federation showed that 15.4 percent of shoppers haven’t started shopping, while just 10.8 percent have finished.
“With Christmas falling on a Monday this year, retailers have one more weekend to bring in those holiday procrastinators,” National Retail Federation president and chief executive Tracy Mullin said in a statement issued by the group.
Experts predict that Saturday will emerge as the busiest shopping day of the year, and many are optimistic that the season will end on a positive note. Nick LeMasters, manager of the Cherry Creek mall, said traffic is meeting expectations and will likely continue to build to a peak on Saturday.
Weekend traffic at the upscale mall was “truly spectacular,” and the center remained crowded Monday afternoon.
But consumer researcher C. Britt Beemer last week lowered his holiday forecast, prompted by what he described as a dearth of “must-have” gifts. Beemer expects holiday sales to be 2.7 percent above last year’s. He had previously forecast a gain of 3.1 percent.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
