Investors in America’s retail sector would probably prefer to forget 2023. The S&P Retail Select Industry Index has climbed about 5 per cent, less than a third of the S&P 500’s gain. The industry trades on just 12 times forward earnings, well below the five-year average of 17 times.
Black Friday — the day after Thanksgiving — traditionally is America’s biggest shopping day of the year. But this time it will not provide much of a boost.
Not that inflation-weary Americans will refuse to spend. Expect good traffic through stores and online, drawn by Black Friday sales. Some 182mn people are predicted to shop between Thanksgiving Day and Cyber Monday this year, according to the National Retail Federation.
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