After a difficult 2017, which saw several store closures and profit losses in the face of online commerce, Black Friday appears to have given retailers a much-needed boost.
Macys stock was up about 1%, and Penneys shares were climbing nearly 2%. Big-box retailers Walmart and Targets shares increased by less than 1%, reports CNBC.
Apparel retailer Gap, which has already been called out by multiple analysts over the weekend for the strength of its Old Navy and Banana Republic Black Friday deals, saw its stock climb more than 3% Monday morning.
Coming back to the online spaces, ecommerce sales have grew by 16% compared to last year, 2016 and Cyber Monday is expected to give online retailers their biggest boost yet. According to GBH Insights, Amazon may nab 50% of all online purchases on Black Friday.
Following a successful Black Friday, Amazon CEO Jeff Bezos net worth has now surpassed USD 100 billion.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now