“Black Friday” is coming a bit earlier that usual this year.
Wal-Mart (WMT) announced today “Wal-Mart will offer black-Friday prices three weeks early when the retailer unveils secret in-store specials: extraordinary prices on five of the most sought after gifts this season. Understanding that more and more consumers are using the internet to comparison shop, Wal-Mart plans to reveal online a round of unbeatable savings on Thursday. The items will be available in stores beginning Friday morning, November 2 as the merchant officially opens special Christmas shops.” Consumers can find out what the deals are on Thursday by going to walmart.com/secret.
The special items are available for purchase only in Wal-Mart stores beginning this Friday. They will also use their Web site to let shoppers check on the local availability of 1,000 electronics items.
Wal-Mart has the jump start on the holiday season on competitors like Target(TGT), JC Penny (JCP) and others. Sales like this require huge inventory investments and there is no way to play catch up once you are behind and Wal-Mart has catapulted itself ahead of the entire retailing industry with this move.
This would seem to be the reasoning behind the upwards earnings revision Wal-Mart gave earlier in the month and Lee Scott’s expressed “excitment” over this Holiday Season, he knew he had the jump on the competition.
Good for shareholders…
