Retailers open early with discounts on ‘Black Friday’

NEW YORK: US retailers opened their doors at midnight and discounted merchandise as much as 70% on the day after Thanksgiving to counter what may be the weakest holiday shopping season in six years.

Individuals may spend an average of $616 on holiday gifts this year, down 29% from a year earlier. That raises the pressure on chains facing declining consumer confidence and the prospect of a recession. ���We���re out to save money,��� said 62-year-old Jeanne Molloy, who was taking a bus from New York City to Central Valley, New York, with an empty suitcase.

Retailers promoted ���doorbuster��� deals to attract customers on the day traditionally called ���Black Friday.��� The day after Thanksgiving was said to be when retailers started to make their annual profits, having paid off their costs from sales earlier in the year.

���The consumer is programmed to buy right now,��� Gilbert Harrison, chairman and chief executive officer of New York-based investment bank Financo, said in a Bloomberg Television interview. ���They see bargains like they���ve never seen before.���