Retail stocks climb higher on the heels of Black Friday

28 November, 2017, 01:36 | Author: Darren Santiago
  • Michael Nagle | Bloomberg | Getty Images

Smartphones sales break all record this year.

Adobe predicts that Cyber Monday will be even bigger than Black Friday, bringing in as much as $6 billion in digital sales. Some $640 million was spent as of 10 a.m. Friday - that's an 18.4 percent increase from a year ago, according to Adobe Analytics. According to data from Adobe Digital Insights, U.S. consumers spent a record $5 billion on Black Friday this year, up 16.9 percent from last year.

The credit card processing slowdown began hours after Macy's chief executive, Jeff Gennette, told CNBC that the retailer was better off this year than last, had robust online demand and was in a good place for holiday promotions.

"There has been a significant amount of debate surrounding the shifting importance of brick-and-mortar retail, and the fact that shopper visits remained intact on Black Friday illustrates that physical retail is still highly relevant and, when done right, profitable", Field said in a statement.

While brick-and-mortar sales may be down, the Mall of America in Minnesota reported that 2,500 people were in line before opening. But sales are up even when you factor in a larger time period.

ShopperTrak was optimistic for the holiday shopping season, since there are four Saturdays in December before Christmas.

There were plenty of crowds on Black Friday, but the shoppers that stayed home and took advantage of online sales is on the rise, CNN reported.

Shares of retailers such as Macy's Inc (M) and Wal-Mart (WMT) were up on Monday following a promising start to the holiday season and ahead of what is expected to be the largest USA online shopping day in history.

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