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CNN Live Today
'Tis the Season: Holiday Shopping
Aired November 28, 2003 - 19:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Well, if you are a retailer, jingle bells jingling have got nothing on the sweet sounds of cash registers ricking. Allan Chernoff joins us now for a look at the financial impact of today's shopping spree and what we can expect for this season.
So were people out there, out and about, actually spending their cash, Allan?
ALLAN CHERNOFF, CNNFN CORRESPONDENT: No question about it, Heidi. It appears to have been a very solid start to the holiday shopping season. The National Retail Federation is saying that sales this season should be up about six percent compared to last year.
And today we visited a mall in Short Hills, New Jersey. Managers there said traffic was up about 10 percent compared to the same period last year. After all, the economy is improving, the stock market is up, even the job market is improving right now. So retailers have plenty of reason to be optimistic.
(BEGIN VIDEO CLIP)
MICHAEL MCAVINUE, MANAGER, DETROIT HILLS MALL: I think they're going to be very strong. I think we're looking at sales that are probably -- my prediction -- between five and seven percent over last year.
(END VIDEO CLIP)
CHERNOFF: What about profits though? That's a matter of how much product retailers are able to sell at full price. Now, of course, early this morning there were some big sales. They call them door busters in the retailing industry.
You saw those people fleeing in earlier in the program. But, generally speaking, retailers actually are not putting that much at a discount as they had this time last year. At the mall in Short Hills, relatively few sale signs. That means that some people were there merely to window shop.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: I want to wait to see prices coming down. I could never get it all done in one day anyway. And we've seen a lot of great bargains. But there will be more. Definitely more.
(END VIDEO CLIP) CHERNOFF: There will be more as we get closer to Christmastime. But, within the luxury sector, it appears that retailers are actually pushing prices up and people are still buying. So the profits are likely to be very big at retailers. Jewelry stores and also luxury leather retailers, as well -- Heidi.
COLLINS: Sounds snappy to me. All right. Allan Chernoff, thanks very much for that.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 28, 2003 - 19:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Well, if you are a retailer, jingle bells jingling have got nothing on the sweet sounds of cash registers ricking. Allan Chernoff joins us now for a look at the financial impact of today's shopping spree and what we can expect for this season.
So were people out there, out and about, actually spending their cash, Allan?
ALLAN CHERNOFF, CNNFN CORRESPONDENT: No question about it, Heidi. It appears to have been a very solid start to the holiday shopping season. The National Retail Federation is saying that sales this season should be up about six percent compared to last year.
And today we visited a mall in Short Hills, New Jersey. Managers there said traffic was up about 10 percent compared to the same period last year. After all, the economy is improving, the stock market is up, even the job market is improving right now. So retailers have plenty of reason to be optimistic.
(BEGIN VIDEO CLIP)
MICHAEL MCAVINUE, MANAGER, DETROIT HILLS MALL: I think they're going to be very strong. I think we're looking at sales that are probably -- my prediction -- between five and seven percent over last year.
(END VIDEO CLIP)
CHERNOFF: What about profits though? That's a matter of how much product retailers are able to sell at full price. Now, of course, early this morning there were some big sales. They call them door busters in the retailing industry.
You saw those people fleeing in earlier in the program. But, generally speaking, retailers actually are not putting that much at a discount as they had this time last year. At the mall in Short Hills, relatively few sale signs. That means that some people were there merely to window shop.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: I want to wait to see prices coming down. I could never get it all done in one day anyway. And we've seen a lot of great bargains. But there will be more. Definitely more.
(END VIDEO CLIP) CHERNOFF: There will be more as we get closer to Christmastime. But, within the luxury sector, it appears that retailers are actually pushing prices up and people are still buying. So the profits are likely to be very big at retailers. Jewelry stores and also luxury leather retailers, as well -- Heidi.
COLLINS: Sounds snappy to me. All right. Allan Chernoff, thanks very much for that.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
