Wal-Mart's Black Friday hit? A 29-cent towel
The retailer sold 2.8 million towels, many to shoppers who were buying for themselves.
Why the ravenous demand for linens? Wal-Mart offered a doorbuster deal on towels: Customers could get a six-pack of washcloths for $1.74 -- or 29 cents each -- or one bath towel for $1.74.
If Twitter is to be believed, towel deals may have been fight-worthy. Several shoppers tweeted they saw fights break out over the towels, including @anthony2328, who wrote “I just saw the best fight tonight at walmart tonight over towels !” (Walmart has not commented.)
Another reason the towels sold so well was that Black Friday weekend has increasingly become a holiday where shoppers are out shopping for themselves, says Meghan Heffernan, the director of public relations for Savings.com. Towels tend not to be popular gifts.
According to a survey for DealNews. 44% of consumers planned to buy loot for themselves on Black Friday; among consumers ages 18 - 35 that number swells to 57%. “More people are now shopping for themselves on Black Friday,” says Heffernan. “That number has gone up significantly [from previous years].”
This isn’t the first year that Wal-Mart shoppers have gone mad for towels. Several YouTube videos from 2011 appear to show Wal-Mart shoppers in a frenzy over the stores’ towels in various locations. And they’re not the only retailer hoping to lure consumers in with great deals on towels, bed linens and other such items. Green says that Macy’s (M) had some strong sales on these types of linens this year.
Even without a major doorbuster, Andy Brennan, an analyst with research firm IBISWorld, says that iems like towels tend to sell well because they are affordable. It’s the bargain-basement priced doorbusters that draw consumers in, but then they end up buying more than just that item, says Jeff Green, the president of Phoenix retail consultancy Jeff Green Partners. This, of course, is just what retailers are counting on.
While Wal-Mart didn’t specify specific sales figures, it’s press team hinted that the numbers were strong. Wal-Mart had “record-breaking Black Friday results” as “millions of customers, once again, took advantage of the retailer’s deals that began on Thanksgiving Day and last throughout the weekend,” the company said in a release.
More from MarketWatch
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Traders might want to bite on BABA, but long-term investors have reasons to wait.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.