BLOOMFIELD HILLS, Mich., Nov. 12 /PRNewswire/ -- They'll be up early (most by 6 am). More than half will make it a family outing. Others will go with friends. Some prefer tackling the job alone. But on November 28, they all say that this is a serious shopping day, time to take advantage of Black Friday specials while marking off the names on their holiday gift list. The day after Thanksgiving has traditionally been dubbed "Black Friday" because it is the day on which retailers begin making a profit as they see their bottom line shift from in-the-red to black.
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In a recent Internet survey conducted by Taubman, owner and/or manager of premier shopping centers across the U.S., respondents reported that they will be in the malls and stores on the day after Thanksgiving. Almost two-in-three respondents (60%) plan to spend as much as they did in 2007, some (9%) plan to spend more on Black Friday. Encouraging news for retailers, more than one quarter of respondents (28%) said they plan to continue shopping on Saturday, and 42 percent said they'd be making purchases throughout the weekend. And if they see something that would be "just perfect" for themselves, they'll probably buy that too, say 73 percent.
On average, shoppers reported that they expect to spend $400 on Black Friday alone. When asked what they planned to buy, most reported that clothing is at the top of their list. Three-out-of-four (76%) say they'll be looking for women's apparel while more than half (55%) will be in the men's departments. Children's apparel is high on the list at 47 percent, with toys following closely behind at 44 percent. Electronics are also popular with almost 60 percent of shoppers, while books, CDs, jewelry and household goods also made the list. Survey responses indicate that most shoppers know what they want and are willing to take the time to obtain just the right purchase. More than 80 percent said that, if it meant getting those must-have items, they'd be willing to wait in line for up to two hours.
When it comes to finding out about in-store specials, Black Friday shoppers are traditionalists. Most peruse the newspaper (46%) and newspaper inserts (59%). Television (37%), word of mouth (29%), direct mail (28%) and Internet web sites (21%)(1) are also popular.
The Internet survey was conducted between September 25 and October 8, 2008 on 21 Taubman managed shopping center web sites and by e-Bulletin(2) subscribers with 7,957 participants responding nationwide.
Taubman Centers, Inc. (NYSE: TCO) is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast. The company's Taubman Asia subsidiary is developing retail projects in Macao, China and Incheon, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information about Taubman, visit www.taubman.com.
(1) Internet web sites result was deflated by 50 percent to adjust for Taubman e-Bulletin subscribers' Internet usage.
(2) Taubman e-Bulletin subscribers are registered on the Taubman shopping center web site of their choice and receive a free weekly e-mail every Thursday with events and special offers.
For ease of use, references in this press release to "Taubman Centers" or "Taubman" mean Taubman Centers, Inc. or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE Taubman Centers, Inc.
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