Dow tumbles over 500 points as year-end Santa Claus rally fails to ignite5 Cases Registered As Police Acts Tough Against Those Providing Shelter To Rohingyas In Jammu
Price-conscious holiday shoppers opened their wallets for last-minute online discounts on clothing and stocking stuffers, potentially benefiting retailers that also offered such convenient options as free delivery and curbside pickup. The popularity of online shopping has surged due to its convenience, similar or lower prices than in-store, the availability of services like “buy online, pick up in-store (BOPIS)” and fast, free deliveries, said Michael Schulman, a retail expert at Running Point Capital Advisors. “The shortened holidays season this year compared to last year, with a tighter scrunch between Thanksgiving and Christmas, also left less time for in-store retail shopping and probably incentivized more phone and computer browsing and purchases,” he said. While there were deals aplenty, retailers appeared to have been disciplined with promotions. Target TGT and Dollar Tree’s shares were up nearly 3% in noon trading, while Walmart WMT was flat. According to a Mastercard SpendingPulse report, online spending during the holiday shopping period from Nov. 1 to Dec. 24 grew by 6.7% over last year, compared to a 2.9% increase for in-store sales. This contributed to a total spending increase of 3.8% over 2023, surpassing the previously forecast rise of 3.2% and topping the 3.1% increase during the same period last year. Steve Sadove, senior adviser to Mastercard and former Saks CEO and chairman, told Reuters that spending rose even when higher prices due to inflation were factored in. He noted that the last five days of the holiday season accounted for 10% of all holiday spending, showing “a lot of strength in the end.” With just 27 days between Thanksgiving and Christmas — five fewer than last year – retail executives were less exuberant going into the holiday season. They described their consumers as “selective,” “cautious” and “conservative,” and making “needs-based” purchases. As a result, many retailers doubled down on cutting prices and offering promotions, Bernstein analysts said earlier this month. Walmart WMT said it would continue to bring down prices through rollbacks, while rival Target TGT said it would increase its promotional intensity as shoppers were not as engaged without promotions. Dollar General DG said it expects profits to be pressured from increased promotions in the fourth quarter, while Kroger KR and Five Below FIVE also said they had to reduce prices to be competitive. Walmart and Target spent more on ads to reach shoppers on short-video app TikTok and streaming platforms like Peacock and Hulu during the season, highlighting their membership programs that offer quick delivery and BOPIS. Some of these efforts appear to have worked. Salesforce estimated that the number of BOPIS orders could double during the weekend before Christmas, making up nearly 40% of all online orders for retailers. And deliveries are also strong, with FedEx FDX estimating stronger-than-expected holiday delivery volume last week. Huntsville, Alabama-resident Aireale Hobbs, 40, started Christmas shopping for pajama sets, Stanley drink tumblers, and toys for her family online on Black Friday. She said she chose to do a bulk of her shopping online because of convenience, more options and better deals. “I got some things from Target that were discounted when using the app,” said Hobbs, who works at as a front desk clerk at a doctor’s office. Laptops and TVs with new technology, lower prices and growing acceptance of lab-grown diamonds, and athleisure apparel also encouraged shoppers to spend this holiday season, even though promotions were at the same levels as last year, Sadove said. “Promotions were controlled. Nothing was extra deep and there were no panicked promotions. What we saw was some real consumer strength,” Sadove said, adding that low unemployment and higher wages were buffering personal finances. Sales in the apparel, jewelry and electronics categories were up 3.6%, 4% and 3.7%, respectively over last year, according to Mastercard. Online sales of apparel, in particular, grew 6.7%, compared to 0.2% in stores. Source: Reuters
Nagpur: The permission granted by the state govt allowing wine, beer shops and country liquor outlets to operate till 1am, and bar and permit rooms to serve customers till 5am for New Year's celebrations has presented a challenge for the city police who now need to step up anti-accident measures on the road. The extension in timing for wine, beer shops and beer bars is not only expected to bring cheers among revellers but also generate crores in revenue for the state exchequer overnight. CP Ravinder Singal has prepared a security blueprint for New Year's Eve. The traffic police would play a key role and plan to intensify the drive against drunk driving. SP (state excise), Surajkumar Ramod, stated that revellers organising ‘social gatherings' also need to seek permits for holding such celebrations, even if they are not on a commercial scale and are limited to a small group. "The state excise department is appealing to revellers to procure liquor permits to avoid legal hassles in case there is a check or raid. Commercial ventures and celebrations venue are required to procure permits for stocking, selling and consuming liquor, as per the various norms, before the New Year's celebration. Similarly, groups engaging in social gatherings with smaller numbers of revellers are also required to do the same," said Ramod. Registration and permit services are available online. DCP (Traffic) Archit Chandak said that around 450 cops from his unit will man the city along with the local police. "We are setting up anti-liquor checks at around 30 places in the city. Around 30 breath analysers have been procured to check drunk driving," said Chandak, adding that the cops will also be equipped with body cameras, and any unruly behaviour will be captured directly for stringent actions. "We will also ensure that violators pay the Rs10,000 fine for drunk driving," said Chandak.Wooley and Cottle each score 32, Kennesaw State knocks off Brewton-Parker 112-77
AP News Summary at 4:37 a.m. EST
The Maharashtra assembly elections saw several candidates winning by narrow margins, highlighting intense electoral battles across the state. In Malegaon Central, AIMIM's Mufti Mohammad Ismail Abdul Khalique narrowly defeated Asif Shaikh Rasheed by just 162 votes. Similarly, Maharashtra Congress chief Nana Patole won in Sakoli against BJP's Avinash Brahmankar by 208 votes. Other close contests included BJP's Manda Mhatre's victory in Belapur by 377 votes and Shiv Sena's Sanjay Gaikwad's win in Buldhana by 841 votes. Rohit Pawar and Dilip Walse Patil also retained their seats with slim margins for NCP. (With inputs from agencies.)Bypoll victory is triumph for performance, Cong ideology: CM Siddaramaiah