Hold-Back Friday
Financial Worries Subdue Shoppers On Day of Discounts
WHEATON: Tamonie Villigran makes one last pass through the mall after at the end of an eight-hour shopping marathon that began at 4 a.m.
(By Bill O'leary -- The Washington Post)
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Saturday, November 24, 2007
Concerns about the economy loomed large in shoppers' minds yesterday as they hunted for bargains on items as varied as consumer electronics and cashmere scarves during the unofficial kickoff to the holiday season.
The shopping marathon known as Black Friday began at 5 a.m. yesterday for sisters Dionedra and Cassandra Dorsey of Alexandria. Starting position was a Target on Richmond Highway. The second lap was at J.C. Penney. By 9 a.m., the sisters were on their third wind at Toys R Us, hunting for bargains such as a Fisher-Price Smart Cycle for $99.
"Cheaper than at Wal-Mart," Dionedra Dorsey said.
Just then, an eavesdropper interrupted. She had seen the Smart Cycle at Wal-Mart for $89. The Dorsey sisters looked at each other, eyes wide. According to their research, it was $119 at Wal-Mart.
"But I'm from Florida," the woman said, "so maybe it's not $89 here."
The sisters looked relieved.
The early start was key to helping the Dorseys stretch their dollars further. Like many shoppers this holiday season, the sisters have kept their budget the same as last year even as the number of presents they need to buy has grown. The cost of gasoline, coupled with falling home prices and mortgage interest-rate increases, has many shoppers making a budget and checking it twice.
According to a survey by the National Retail Federation, a trade group, as many as 133 million people are expected to have gone shopping by Sunday, down from 140 million last year. Spokesman Scott Krugman said retailers' discounts could help drive traffic by enticing shoppers concerned about the economy. The group predicts that holiday sales this year will grow by 4 percent, to $474.5 billion, the smallest increase since 2002 and below the industry's 10-year average of 4.8 percent.
"We do think that more shoppers are going to be bargain hunters this year," Krugman said. "Retailers are going to have to keep pace."
At Circuit City in Rockville, Cathy Sharma browsed the flat panel TVs but debated whether to wait for a better deal. She is trying to spend 10 percent less than last year, when she spent between $3,000 and $4,000. Sharma, who lives in Potomac, said she is worried about the stock and housing markets. Her family has money tied up in both.
"The value of my house has tanked," she said.
William Sakala was so determined to get a good deal that he went to the Best Buy in Rockville twice. He arrived on Thanksgiving at 5 p.m., waited all night and was one of the first customers in the store when it opened. His target: a Sony laptop package he snagged for $499 instead of the $1,078 it usually costs. While he made a beeline for the computer, his wife went for the DVDs. After they were finished, they went to Dunkin' Donuts and then home to sleep.
