BRAINTREE, Mass. — It began 26 days ago. And, on average, the 2024 holiday shopping season is looking good on paper.
The VISA Retail Spend Monitor predicts a nearly 5% increase in retail sales this holiday season over last -- with consumers making the bulk of purchases the old-fashioned way: in stores. But e-commerce continues to make gains. VISA estimates online purchases now make up about a quarter of holiday sales -- and grew by 7% this year.
The final day of holiday shopping turned out to be a brisk affair at South Shore Plaza. The venerable mall wasn’t obnoxiously crowded, but drew enough shoppers to create a line for Santa pictures inside and, as the hours ticked down, lengthy searches for a parking spot outside.
We found the Nunes family finishing up with Santa. And how could you miss them? Mom, Dad, and the three children dressed for the last-minute rush in what appeared to be identical Christmas-themed pajamas. It was Mom’s idea.
“Dad just goes along with whatever Mom says,” Aricelma Nunes said.
Dad, Aquino Nunes, held the one thing that makes this Christmas extra special for the family: a new baby named Isaiah.
“He’s six weeks old,” he said. “My first son.”
What’s hard to determine is what the retail landscape will look like when Isaiah’s old enough for holiday shopping.
But in the immediate future, fewer stores is a certainty. Macy’s announced earlier this year it planned to close 50 underperforming stores in 2025. Last week, the retail giant announced it’s adding 15 more stores to that list. Also closing stores in 2025: Advance Auto Parts, Family Dollar, Walgreens and CVS.
Worse, retail bankruptcies are way up this year over last, with 45 retailers waving a financial white flag versus 25 in 2023. That’s an 80% increase. In the last few weeks, three major chains announced they will join that club: The Container Store, Big Lots, and Party City.
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