Retail stocks climb higher on the heels of Black Friday

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Retail stocks climb higher on the heels of Black Friday

A report in The Financial Times said the holiday season was set to be the first in which more shopping will happen online than in stores.

American shoppers spent a record $5 billion in 24 hours.

"There had been much conjecture this year about whether Black Friday would be a hit or miss with United Kingdom shoppers, and many retailers followed the lead of their USA counterparts, extending their promotional campaigns over two weeks or more, which did risk diluting the impact of the event", he said.

Smartphone transactions hit a record high in the United States on Black Friday as shoppers thronged retail stores as well as went online to celebrate. Based on these factors, the National Retail Federation expects holiday sales to increase at least 3.6% over the previous year, which would match last year's increase.

Footfall figures from Black Friday are in and the results are mixed, with some analysts saying the sales event boosted footfall while others said it didn't.

Customers spent a record-high $5 billion on Black Friday alone, almost doubling the $3.34 billion spent a year ago, Adobe Analytics said.

Experts believe both days totals will fall once the weekend comes to an end and the public charges head-on into the brick and mortar Christmas shopping season.

Retailers must offer a quality mobile experience, as smartphones are now leading all devices in traffic.

Adobe predicts that Cyber Monday will be even bigger than Black Friday, bringing in as much as $6 billion in digital sales, CNN reported. Big-box retailers Wal-Mart and Target's shares increased by less than 1 percent.

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