The National Retail Federation estimates that a record 166 million people will shop from Thanksgiving through Cyber Monday.
Dawn Queen, who owns the classic toy store in Los Angeles, California, prepares for the holiday rush by stocking her shelves with toys from the past.
“It looks more prosperous than last year,” said the Queen.
According to technology firm Capterra, a recent survey shows that 63% of small retailers expect to see more profits this holiday season. According to Bankrate, it’s estimated that more gift shoppers are likely to shop on Saturday for small businesses than on Black Friday this year.
The annual event dedicated to small businesses began in 2010. It’s a welcome relief for mom-and-pop stores that can’t compete with the sales of big-box retailers.
“Black Friday doesn’t really do much for me because everyone is expecting 50% to 80% discounts on things, which I can’t offer,” Quine said.
This is because small stores often have little room to make a profit. Diana Callahan, who owns Diana’s Boutique in LA, says people are drawn to stores like hers because they are looking for unique items and in-person customer service.
“It’s the personal touch,” she said. “When people come over, we know them. We know their dogs.”
Bankrate senior industry analyst Ted Rossman told CBS News that “people recognize how difficult it is to be a small local retailer.”
“And a lot of people have tried to keep them afloat,” he said.
Still, he cautions that inflation will ultimately determine how well small businesses fare during the holidays.
“Even though prices are up, it doesn’t mean that profits have gone up because the cost of rent is probably higher, the cost of utilities is probably higher,” Rossman said. “They don’t want to give their customers too much sticker shock, but they also need to cover their increased costs.”
Still, some analysts cautionThis will ultimately determine how well small businesses do during the holidays.
“Even though prices are up, it doesn’t mean that profits have gone up because the cost of rent is probably higher, the cost of utilities is probably higher,” said Ted Rossman, chief industry analyst at Bankrate. “They don’t want to give their customers too much sticker shock, but they also need to cover their increased costs.”
Whether you’re planning on holiday shopping at smaller stores or major retailers, experts say finding the best deals involves doing research, using an online price tracker, and checking that the store has a price-matching policy. Yes or No. They say you won’t want to hold out for too long, as retailers have already slashed prices significantly.