Black Friday

Consumers spent more money on Black Friday this year than any previous year. Retail sales were up 6.6%. A total of $52.4 billion was spent over the four-day weekend. Shopping Centers saw a drastic increase in shoppers looking for good deals. Shopping Centers opened stores earlier than ever to accommodate the crowd. Consumers were ready to shop. Retailers gain 20% of annual sales from Black Friday. The strong results are good news for landlords, retailers, and the economy in general. Retailers expect to see strong sales through the end of the holiday season.

Retailers Holiday Season

Retail will show a net positive through the rest of the year. Consumers will take advantage of the holiday sales. Retailers and developers are taking the back seat and waiting to see how the end of the year plays out. Analysts believe the sales increase will be short-lived and we will continue to see retail store closings of struggling locations at the beginning of next year. By the middle of next year retailers will have a better idea of the economy and if it will slide back into recession or continue to stabilize and improve.

The 2011 holiday season is expected to be great, but the market will return to below average in 2012. As the economy struggles to make a come back, retail will follow. Credit for retail and restaurant companies has gone down in quality over 2011. Real estate will be advancing in slow-growth mode.

Retail Development

State and local governments of South Carolina recognize that retail development is a priority for a healthy community. A bill was introduced by South Carolina lawmakers to encourage the state’s ten regional councils to aid redevelopment of abandoned shopping centers. The bill was favorably received and will be a discussed in January when the legislature reconvenes. The new bill recommends the adoption of developer-friendly land-use planning and ordinances. Several other states are taking similar actions. Some incentives include tax deals, municipal bonding, and the incorporation of transit planning. The new South Carolina bill should help to fill retail shopping centers in Fort Mill and other cities as well.