NEW YORK — Just weeks ago, the holiday shopping season seemed headed for disaster. But in the waning hours before Christmas, the nation’s retailers got their wish — a last-minute surge of shopping that was expected to help them meet modest sales goals.
And with post-Christmas shopping to come, some malls and stores were downright optimistic.
While consumers jammed stores at the start of the season in search of discounts and hot items such as Nintendo Co.’s Wii game console, a challenging economy prompted them to hold out until the end for bigger discounts.
An extra full weekend before Christmas also caused shoppers to procrastinate. In fact, Christmas Eve was expected to be a bigger shopping day than in past years because many employers gave workers the day off, with the holiday falling on Tuesday.
“I’m trying to get some deals, seeing what they got out. The sales are better later on. And the stores aren’t so packed right now,” said Tina Fields, who was at the Circle Centre Mall in Indianapolis early Monday morning.
Her best bargain was a shirt from Aeropostale she bought for $5. Others like Alex Allen of Boston had postponed shopping because of lack of time.
“I’ve been working a lot,” said Allen, who took advantage of the 7 a.m. opening at a local Target store to get toys for his three grandchildren before the largest crowds came later in the day.
Cherry Creek Shopping Center in Denver drew large crowds, mostly composed of men, scurrying to finish off their shopping lists. Employees at Macy’s joked among themselves that the men were particularly eager to get their gifts wrapped as quickly as possible.
The spree defied fears that a deepening housing slump, escalating credit crisis and higher gas and food prices would turn shoppers into Grinches — even in the end. Meanwhile, with the season plagued by a slew of Chinese- made-toy recalls that began in the summer, there were concerns that shoppers would boycott those products. That didn’t happen either.
Still, financial concerns clearly affected how consumers shopped throughout the season, forcing more to trade down to discounters such as Wal-Mart, according to Fred Crawford, managing director at restructuring firm Alix Partners. That trend hurt midprice-apparel department stores such as Macy’s and J.C. Penney, which have been aggressive with discounts and other come-ons. Ultra-luxury stores are expected to fare well, Crawford said.
Toy sales are expected, at best, to match business from a year ago.
“This year, all I’m shopping for are the kids — no adults,” said Chevy Edwards of Raleigh, N.C., who was picking through discounted children’s clothing at a J.C. Penney store. “I just need to cut down on bills.”
Stores that didn’t meet their pre-Christmas goals are now even more dependent on the post-holiday season, which is becoming more important with the increasing popularity of gift cards. Card sales are expected to hit $26.3 billion in the November-December period, up 42 percent from two years ago, according to the National Retail Federation.
Denver Post staff writer Christine Tatum contributed to this report.
