Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
New York, NY –
Department stores will be watching the numbers closely today. The day after Thanksgiving has historically been the busiest shopping day of the year. It's called Black Friday because it's when US stores go into the black, or turn a profit, with major sales. Jerry Storch is CEO of the New Jersey-based retailer, Toys R Us. He says toys are recession proof.
STORCH: in the research that we've seen, what we've heard from parents is that they may cut back on luxuries for themselves, but they'll make sure they get a great toy for their child for the holiday.
REPORTER: Like many stores, Toys R Us opened its doors early today at 5 AM. The holiday shopping season accounts for as much as 40 percent of annual profits for many stores. This year's season is expected to be the weakest in decades, as consumers grapple with rising unemployment and a drop in household wealth.