Wal-Mart, Best Buy winners as holiday shopping season kicks off
Monday, 28 November 2016 Wal-Mart, Target and Best Buy - and, unsurprisingly, Amazon.com - were early winners as shoppers kicked off the holiday shopping season by splurging on electronics such as ultra-HD TVs and gaming consoles including Sony's PlayStation 4, analysts said.Brick-and-mortar retailers offered more promotions and greater discounts starting on Thanksgiving day, hoping to win over shoppers, who have increasingly turned to online retailers, notably Amazon.com Inc (AMZN.O)."While crowds were strong, we believe that most consumers at this early stage responded solely to promotions, especially at lower- and middle-tier retailers," BTIG analysts said in a note.Store traffic over the holiday shopping weekend was about 2 percent higher compared last year, the National Retail Federation (NRF) said.But the discounts also had a downside, with the average amount spent slipping 3.5 percent. (bit.ly/2fX0vb5)J.C.
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| Reuters appeared first on Firstpost.