Black Friday shoppers hunt for bargains amid economic downturn


20:10, November 28th 2008
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Los Angeles - Bargain-hunting shoppers crowded malls, superstores and high streets across the US on Friday as retailers sought to entice recession-hit holiday buyers with steep discounts.

The day after the Thanksgiving holiday usually marks the start of the most intense period of the holiday shopping season. But with the impact of the credit crisis hitting shoppers hard, most retailers are bracing for their worst season in years. Adding to the gloomy prognosis was the fact that there are few must-have gadgets or gifts this season.

Hoping to lure penny-pinching customers, many retailers opened their stores at midnight after heavy advertising of special discounts. In Los Angeles, hundreds of shoppers lined the pavements outside the Citadel Outlets in Century City to be sure to get the so called "door-buster deal" on a wide range of merchandise.

Outlet stores are expected to perform well this season. The large shops are run directly by manufacturers and typically offer steep discounts over regular retail prices.

Despite the economic downturn overall sales this season are expected to grow 2.2 per cent to 470.4 billion dollars, according to the National Retail Federation.

CNN reported that across the country the day had started well, but analysts feared that the crowds could soon dissipate after snapping up the door-buster sales.

"(Shoppers) know exactly what they want, where to shop for it and who has the best deals," said Britt Beemer, retail analyst and chairman of America's Research Group.

"I talked to a number of people standing in line in stores today. All had lists. And the lists had no more than three items," he said. "The real question is whether there'll be anyone left (in stores) by midday."



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