Imports by retailers are estimated to rise 1.5 percent in December, indicating that companies are expecting strong sales through the holiday season, according to industry group National Retail Federation (NRF).
Data reporting service Edited has revealed that 2017's Black Friday and Cyber Monday were the largest volume discounting sales days in US shopping history. Cyber Monday sales alone totalled $6.6 billion.
Cyber Monday was on track to become the biggest-ever internet shopping day in the United States as shoppers snapped up bargains on toys and electronics, with many more Americans shopping on their phones.
Shares of retailers such as Macy’s Inc and Wal-Mart were up on Monday following a promising start to the holiday season and ahead of what is expected to be the largest U.S. online shopping day in history.
Department store operator Macy’s Inc said that processing of payments with some credit and gift cards was taking longer than usual in its stores on Black Friday, the traditional start of the key holiday shopping season.
Relatively few early-morning shoppers turned out on Black Friday to mark the start of the U.S. holiday shopping season, as more people shopped online and the traditional rush was split by stores opening the night before.
Shoppers splurged more than $1.52 billion online by Thanksgiving evening, up 16.8% over last year, and more bargain hunters turned up at stores this year as retailers opened their doors early on the eve of Black Friday.
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Wal-Mart Stores said on Monday it will offer Hudson’s Bay Co-owned department store chain Lord & Taylor dedicated space on its website, as it looks to make deeper inroads into the fast-growing online fashion business.