MORGAN STANLEY: Opening Stores On Thanksgiving Likely Failed To Boost Sales
Jonathan Alcorn/Reuters
But the earlier openings largely detracted from Black Friday's sales, leading to a lackluster Thanksgiving weekend for retailers, according to Morgan Stanley analysts.
"Stores that opened on Thanksgiving Day saw a surge in traffic on the holiday but appeared to slow early morning Black Friday," analysts wrote in a recent note. "We are not convinced strong Thursday sales made up for softer Friday traffic."
According to ShopperTrak, Black Friday traffic declined 11.4% and sales decreased 13.2% compared to last year. Foot traffic for both Thanksgiving and Black Friday rose 2.8% to more than 1.07 billion store visits, while sales over both days rose 2.3% to $12.3 billion compared to last year.
A few retailers, including Macy's and Kohl's, opened on Thanksgiving for the first time this year. Others, including Wal-Mart, Kmart and Target, opened earlier than ever on the holiday.
The retailers all said their earlier openings were a response to customer demands.
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