Midnight madness materialized just as retailers wished, but there wasn’t enough of the same old Black Friday magic in malls and along major shopping avenues through last week to juice up the mood for the holiday season.
That leaves retailers prepared to stay the course and still confident, after a week’s worth of intense promoting and extended store hours, that they’ll meet holiday goals, conservatively set at 3 to 4 percent ahead on average. They also believe consumer confidence is holding up, though there’s plenty of uncertainty with the fiscal cliff looming and with Northeast cities still recovering from Hurricane Sandy, which cost retailers billions of dollars in business. For fashion retailers, it will be impossible to entirely make up the lost volumes, though companies involved in construction and home furnishings will see a lift as communities rebuild.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"