Deloitte: 60% of Americans will shop over Thanksgiving weekend
New York — Sixty percent of Americans plan to shop in stores or online over the Thanksgiving weekend – up from 51% in 2011, according to Deloitte’s pre-Thanksgiving survey.
Among these weekend shoppers, 63% plan to shop in stores on Black Friday and 23% plan to shop in stores on Thanksgiving day (up from 17% in last year’s survey). Shoppers expect spend an average of $286 over the holiday weekend – up 28% from the 2011 survey
The survey also indicates:
Black Friday shoppers will hit the stores early: 22% of Black Friday shoppers plan to go to the stores at midnight on Black Friday, while 46% plan to head to the stores between Midnight and 5 a.m.;
Shoppers will do their homework: 39% of consumers surveyed plan to research online before shopping in stores over the Black Friday weekend;
Consumers have a long way to go to complete holiday shopping: Shoppers surveyed have completed only 19% of their gift shopping to date while nearly half (48%) haven’t done any of their holiday gift shopping; and
Consumers will be online shopping: 46% of holiday weekend shoppers plan to shop online on Black Friday; 44% plan to shop online on Cyber Monday.
Report: NRLB promises quick action on Walmart case
New York — Federal labor officials said Monday they will decide quickly whether to support a request by Wal-Mart Stores Inc. to stop a union-backed group from pushing worker walk-outs at hundreds of stores on Black Friday, the Associated Press reported.
The chain on Thursday filed a complaint with the National Labor Relations Board to stop OUR Walmart, a group made up of current and former Wal-Mart workers, from holding protests at hundreds of stores.
Report: High demand, limited availability keep Manhattan real estate market strong
New York — Average asking rents on Lower Fifth Avenue in Manhattan rose 13% since the spring of 2012 to $1,021 per square foot (psf) and are up 51% since the same period in 2011, according to The Real Estate Board of New York (REBNY’s) Fall 2012 Retail Report. The study revealed continued signs of improvement in the Manhattan retail market, with high demand and limited availability, which significantly drove up asking rents especially in the most prominent shopping corridors
In the Meatpacking District, as defined by the block on 14th Street between 9th and 10th avenues, asking rents rose 25% to $469 psf since spring 2012. The Flatiron shopping corridor along Broadway between 14th and 23rd Streets also had a significant increase in asking rents, with a 27% increase to $273 psf since last spring. Similarly in the Flatiron corridor along Fifth Avenue, asking rents also rose 16% to $350.
“With increased competition for the fewer prime spaces available in key locations, rents in those areas are at all time highs,” said Steven Spinola, REBNY president. “We believe the lack of more prominent spaces on Fifth Avenue between 49th and 59th Streets has led to a softening of the boundaries of this retail corridor. High-profile tenants are willing to consider space immediately south along Fifth Avenue, which has heavy tourist foot traffic. As the retail corridors evolve and grow our economy gets a positive boost and retailers have new options for growth.”
Three other shopping corridors showing growth in ground floor asking rents in this report period were:
- Broadway and 7th Avenue between 42nd and 47th Streets with asking rents up 31% to $1,833 psf since spring 2012.
- East 57th Street between 5th Avenue and Park Avenue with asking rents up 28% to $884 psf since the spring.
- Herald Square corridor as defined by West 34th Street between 5th and 7th Avenues saw rents increase 22% to $683 psf since the spring.