By George Anderson
Depending on the locale and the report you were reading, shoppers either turned out in droves at stores yesterday or chose to do something other than return items and cash in gift cards.
For those with new found gift card spending power following Christmas, there were plenty of deals to be had as retailers looked to sell off holiday season merchandise and, in the case of retailers such as Coach, Target and American Eagle Outfitters, get an early start on selling the new spring merchandise.
Marshal Cohen, chief analyst at NPD Group, told The Associated Press, "Retailers have recognized that December has 31 days." When all is said and done for the holiday shopping season (Nov. and Dec.), Mr. Cohen estimates same-store sales will be up about three percent across the board.
Moderator's Comment: What is your anecdotal assessment of how stores were doing in your area yesterday? Is the growing popularity of gift cards, in some fundamental way, changing the holiday retail season? If so, what does it mean for retailers? - George Anderson - Moderator