Black Friday Gave Restaurants 7.5 Percent Boost
Capital Access Network’s (CAN) Data Services Division released figures today showing a 5.8 percent increase in same store credit and debit card sales at Main Street merchandise retailers and restaurants this Black Friday period (Nov. 25-27) compared to 2010 Black Friday sales.
The findings were released in the “Black Friday on Main Street” special issue of CAN’s Small Business Credit Sales (SBCS) Report, available at www.capitalaccessnetwork.com/sbcsreport.html.
The SBCS data is in line with reports by ShopperTrak’s National Retail Sales Estimate, which said Black Friday 2011 sales increased 6.6 percent over 2010 levels. ShopperTrak’s report focuses on overall sales figures rather than card sales at big box and mall retailers.
The growth in same store Black Friday period card sales was particularly well received by Main Street’s merchants and restaurateurs, as the Federal Reserve continues to report declines in the revolving credit carried by U.S. consumers.
CAN’s 2011 Black Friday report said that Main Street retailers saw their Black Friday card sales increase by almost 1 percent over 2010 levels, contrasting with 2010 when they saw their card sales drop 2.1 percent from 2009 levels.
Main Street restaurants fared even better than their merchandising neighbors. Restaurants saw their card sales climb 7.5 percent over 2010 levels.
Among Main Street eateries, those with average ticket sizes greater than $25 saw their card sales rise 8.3 percent over last year. This figure is a substantial improvement from the 0.7 percent year-over-year (YoY) increase that these “more expensive than quick serve” restaurants saw during the 2010 Black Friday period.
“Consumers using their credit and debit cards at Main Street businesses contributed to what appears to be across the board online and offline Black Friday shopping increases this year,” says Glenn Goldman, CEO of Capital Access Network, Inc. “Last year, shoppers seemed to focus more on big box Black Friday spending. This year, America’s small businesses shared in the overall increase in spend.”
- Total Main Street credit and debit card sales jumped 5.8 percent compared to the 2010 Black Friday holiday shopping period. All monitored sectors within Merchandise Retail and Restaurants reported same store card sales increases when compared to 2010 sales. Small business segment results appear to be reflective of results released that include big box retailers, which also show an uptick in Black Friday YoY sales figures.
- Merchants categorized as Merchandise Retailers (jewelers, boutiques, toy stores, clothing stores, electronic retailers, sporting goods stores, gift shops, etc.) experienced an increase, but to a lesser extent. Small Merchandise Retailers reported a 0.9 percent increase as compared to 2010 sales levels, reversing negative YoY Black Friday period sales of 2.1 percent in 2010 versus 2009 card sales.
- Main Street restaurants increased their Black Friday YoY same store card sales 7.5 percent, a significant upswing when compared to the 1.2 percent YoY lift reported in 2010. Within the small business restaurant segment, eateries with an average ticket size or more than $25 reported the greatest increase of the reported upon segments, 8.3 percent over their 2010 card sales. Restaurants with an average ticket size of $25 or less experienced a lift of 2.9 percent.