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A record day for retail
The combination of earlier than ever opening hours, favorable weather and deal conscious consumers receptive to heightened promotional activity produced record sales over Thanksgiving weekend.
The National Retail Federation said an estimated 226 million shoppers visited stores and websites over Thanksgiving weekend, compared with 212 million last year, and spent an average of $398 per person, compared with $365 last year. Those findings are based on an NRF survey of 3,826 shoppers conducted over the weekend by BIGresearch.
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Retailers sue Federal Reserve
New York City -- A coalition of retail organizations, including the National Retail Federation, the Food Marketing Institute and the National Association of Convenience Stores, have filed a lawsuit charging that the Federal Reserve failed to comply with a new law requiring it to reduce fees bank charge retailers when shoppers use credit cards.
The law, which went into effect Oct. 1, said that banks could charge a maximum of 21 cents when consumers use a debit card, down from an average of 44 cents per transaction.