Holiday shopping spree not for everyone

NEW YORK — Many Americans are watching the annual holiday spending ritual from the sidelines this year.

Money is still tight for some. Others are fed up with commercialism of the holidays. Still others are waiting for bigger bargains.

And people like Lark-Marie Anton Menchini are more thoughtful about their purchases. The New York public relations executive says in the past she'd buy her children up to eight Christmas gifts each, but this year they're getting three apiece. The leftover money is going toward their college savings.

"We told them Santa is ... being very conscious of how many gifts he puts on his sleigh," Menchini, 36, says.

Despite an improving economy, most workers are not seeing meaningful wage increases. And some of those who can splurge say the brash commercialism around the holidays — many more stores are opening for business on Thanksgiving — is a turnoff.

But perhaps the biggest factor is that shoppers are less motivated than ever by holiday sales. Since the Great Recession, retailers have been dangling more discounts throughout the year, so Americans have learned to hold out for even deeper holiday savings on clothes, electronics and more. To stay competitive and boost sales, retailers are slashing prices further during their busiest season of the year, which is cutting into their own profit margins.

There aren't reliable figures on how many people plan to shop during the holidays. But early data points to a shift in holiday spending.

The National Retail Federation estimates that sales during the start to the official start to season — the four-day weekend that began on Thanksgiving Day — dropped 2.9 percent from last year to $57.4 billion. That would mark the first decline in the seven years the trade group has tracked spending.

And during the week afterward — which ended on Sunday — sales fell another 2.9 percent compared with a year ago, according to data tracker ShopperTrak, which did not give dollar amounts. Meanwhile, the number of shoppers in stores plunged nearly 22 percent.

The numbers are sobering for retailers, which depend on making up to 40 percent of their revenue in the last two months of the year. They suggest shifts in the attitudes of U.S. shoppers that could force stores to reshape their strategies:

SHOPPERS WANT DEALS

Stores slashed prices during the recession to get financially-strapped shoppers in stores and to better compete with the cheaper prices of online retailers like Amazon. But shoppers got used to those deals and now won't buy without them. The constant discounting has blunted the "wow" factor of sales during the holidays.

For instance, some retailers were offering discounts of 40 percent or more on the day after Thanksgiving known as Black Friday. But Jennifer Ambrosh, 40 was unimpressed with the "deals" she saw on that day. "There's a lot of hype, but ... the deals aren't that good," Ambrosh, an accountant, says.

Overall, the retail federation expects spending in November and December to rise 3.9 percent to $602.1 billion. But to get that growth, analysts say retailers will need to discount heavily, which eats away profits.

There are signs that profits for the quarter that includes the holiday season are being hurt by the discounting. Wal-Mart and American Eagle Outfitters are among 47 retailers that have slashed their outlooks for either the quarter or the year.

Overall, retailers' earnings growth is expected to be up 2.1 percent, according to research firm Retail Metrics. That would be the worst performance since profit fell 6.7 percent in the second quarter of 2009 when the country was in a recession.

SCRUTINIZING PURCHASES

The recession not only taught Americans to expect bargains. It also showed them that they could make do with less. And in the economic recovery, many have maintained that frugality.

So whereas in a better economy, Americans would make both big and small purchases, in this economy they're being more thoughtful and making choices about what to buy.

Analysts say that hasn't boded well for retailers that sell clothing, shoes and holiday items. That's because Americans are buying more big-ticket items over the holidays.

Government figures show that retail sales were up 0.7 percent in November, the biggest gain in five months. But the increase was led by autos, appliances and electronics.

Auto sales jumped 1.8 percent, furniture purchases rose 1.2 percent and sales at electronics and appliances stores rose 1.1 percent. Meanwhile, sales at department stores and clothing chains were weak.

Americans are leaning toward big purchases for two reasons. They want to take advantage of low interest rates. And since many paid down debt since the recession, they feel more comfortable using credit cards again for such purchases.

But they won't do that and buy smaller items. "This is still a weak, fragile shopper," says Craig Johnson, president of Customer Growth Partners, a retail consultancy.

Retailers including Macy's and Target in recent months have said that shoppers' focus on big-ticket items has put a damper on sales of discretionary items, and the retail federation says it has hurt holiday sales in particular.

HOLIDAY CONSUMERISM

Black Friday used to be the official kickoff to the buying season, but more than a dozen chains opened on Thanksgiving this year.

That didn't sit well with some shoppers who viewed it as an encroachment on family time. Some threatened to boycott stores that opened on the holiday, while others decided to forgo shopping altogether.

In a poll of 6,200 shoppers conducted for the retail federation prior to the start of the season, 38 percent didn't plan to shop during the Thanksgiving weekend, up from 34.8 percent the year before.

Ruth Kleinman, 30, isn't planning to shop the entire season in part because she's disheartened by the holiday openings. The New Yorker says the holiday season "has really disintegrated."

While some shoppers didn't approve, analysts say stores will need to open on the holiday to appeal to the masses. Overall sales declined over the holiday weekend, but several retailers said there were big crowds on Thanksgiving. "Customers clearly showed that they wanted to be out shopping," says Amy von Walter, a Best Buy spokeswoman.

Analysts say stores will need to redefine Thanksgiving as a family tradition beyond sitting at the table eating turkey to make more shoppers comfortable.

"They have to show that they're maintaining a family tradition in new ways," says Marshal Cohen, chief retail analyst at market research firm NPD Group.

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Mae Anderson in New York contributed to this report.

___

Follow Candice Choi at www.twitter.com/candicechoi

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US stocks fall for a third straight day

The stock market fell to its lowest level in a month Thursday as investors worried that the end may be nearing for the Federal Reserve's support for the economy.

The Fed's stimulus efforts have been a key factor in the bull market that has pushed the Standard & Poor's 500 index almost 25 higher percent this year. Investors know it will end sooner or later. But the timing, and the fallout, are uncertain.

Until this month, stocks had risen for eight weeks straight. The S&P 500 set a record high as recently as Monday. But stocks posted their biggest declines since Nov. 7 on Wednesday, and dropped further on Thursday. Now they're on the verge of their second weekly loss in a row.

The Dow Jones industrial average closed down 104.10 points, or 0.7 percent, at 15,739.43. The S&P 500 fell 6.72 points, or 0.4 percent, to 1,775.50. The Nasdaq composite dropped 5.41 points, or 0.1 percent, to 3,998.40.

The Dow is still up 20 percent this year, and the Nasdaq has risen 32 percent.

"We don't think we're in a bubble, however we do know we're in an expensive market," said Marty Leclerc, chief investment officer and portfolio manager at Barrack Yard Advisors.

Leclerc said stocks have risen faster than earnings over the past couple of years, so it "wouldn't be unusual to have a step backwards even in the confines of a bull market run."

In economic news, the number of people seeking unemployment benefits rose to about where it was before the Great Recession.

Also, U.S. shoppers spent more money on appliances, furniture and cars in November. Spending had been muted for months heading into the crucial holiday shopping period, a worrisome sign for investors. Retail sales rose 0.7 percent last month, the biggest gain in five months. October sales were also revised higher.

That's the kind of economic data that has been interpreted to mean that the U.S. economy is strong enough for the Fed reduce, or "taper," as it's called on Wall Street, its stimulus program.

"We get this taper mania, where every piece of economic data gets examined very closely," said Ryan Detrick, senior technical strategist with Schaeffer's Investment Research.

Detrick doesn't think that will happen as soon as this month. "I don't think the data's been strong enough for that," he said.

Social networking stocks continued to be strong. Facebook jumped $2.45, or 5 percent, to $51.83 after the stock was added to the S&P 500 index. Twitter rose $2.99, or almost 6 percent, to $55.33.

Lululemon Athletica plunged $7.96, or almost 12 percent, to $60.39 after the upscale yoga clothing maker said sales will be flat in the next quarter and revenue for the year will be less than it had predicted. Several gaffes have hurt sales of its $100 yoga pants and other products. In the spring Lululemon pulled some of its pants from stores after complaints that they became see-through. Two days ago, founder Chip Wilson stepped aside as chairman, and the company named a new CEO.

Hilton Worldwide, the world's largest hotel company, jumped $1.50, or 7.5 percent, to $21.50 on its first day of trading. The company raised $2.35 billion in its initial public offering, more than the $2.1 billion generated by Twitter's IPO last month.

Airlines rose, led by Southwest Airlines Co., which gained 82 cents, or 4.6 percent, to $18.79 after an upgrade by an analyst at Bank of America Merrill Lynch. United Continental Holdings Inc. rose $1.04, or 3 percent, to $37.62.

Networking company Ciena fell $1.59, or 7 percent, to $21.31 after quarterly earnings and its first-quarter outlook came in lower than expected.

Six of the 10 industry groups in the S&P 500 declined. The biggest losses were in consumer staples, technology, and health care stocks.

The yield on the 10-year Treasury note rose to almost 2.88 percent, from 2.85 percent on Wednesday.

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Asian stocks tentative amid Fed stimulus cut fears

BEIJING — Asian stock markets mostly posted tentative gains Friday as investors prepared for the U.S. Federal Reserve's decision next week on whether to reduce its monetary stimulus. Oil prices edged up, staying above $97 per barrel.

Asia's heavyweight market benchmark, Tokyo's Nikkei 225, rose 0.4 percent to 15,404.59 and Hong Kong, Taiwan and Sydney also rose. Shanghai was unchanged.

Markets declined in smaller economies including Indonesia, Singapore and Thailand that might be more exposed if a reduction in the Fed's stimulus hurts U.S. demand for imports or sparks short-term capital flight from Asian economies.

"The unwinding of unconventional monetary policy is a good thing long term. However it will cause short-term vibrations," said Evan Lucas, a strategist for Australia's IG Markets, in a report.

Hong Kong's Hang Seng rose 0.2 percent to 23,271.96. Taiwan's Taiex added 0.2 percent to 8,378.68 and Sydney's S&P ASX 200 gained 0.5 percent to 5,089.70. China's benchmark Shanghai Composite Index was unchanged at 2,203.15.

Strong U.S. retail sales and signs of an imminent budget agreement in Congress have reinforced expectations that the Federal Open Market Committee meeting on Dec. 17-18 might decide to start reducing its $85 billion worth of monthly financial asset purchases.

That prompted selling in Asian economies that might see U.S. demand for imports weaken in the event stimulus is wound down.

Seoul's Kospi shed 0.5 percent to 1,958.82. Singapore, Thailand, Malaysia and Manila also fell by margins of 0.2 to 0.4 percent.

The U.S. stimulus has buoyed stocks over the past few years, and its potential reduction has jolted markets in recent months. However, any tapering is expected to be accompanied by a renewed commitment by the Fed to keep interest rates low. That, analysts say, helps explain why stock markets are still trading at relative highs and why bond markets aren't too volatile.

On Thursday, markets in Britain, Germany and France all ended lower.

On Wall Street, the Dow Jones industrial average ended down 0.6 percent and the S&P 500 shed 0.3 percent.

Weekly jobless claims showing a 68,000 spike last week to 368,000 were largely ignored given difficulties making adjustments as a result of the late timing of the Thanksgiving holiday. However, figures showing retail sales in the U.S. rose by a better than expected 0.7 percent in November had a far bigger impact, especially as back data were revised upward, too.

The focus will likely remain on the Fed until its decision next Wednesday.

The future of the Fed's stimulus has been the main driver across all markets since May, when chairman Ben Bernanke first mooted the possibility.

Benchmark crude oil for January delivery rose 2 cents to $97.52 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents on Thursday to settle at $97.50.

In currency markets, the dollar rose to 103.74 yen from 103.56 yen. The euro gained to $1.3753 from $1.3745.

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Retail sales ring up hikes

Retail sales nationally rose each of the past two months, according to figures released yesterday, but a snowstorm forecast for this weekend has Massachusetts retailers worried they could lose critical holiday sales.

The Commerce Department said November retail sales rose 0.7 percent — the biggest gain in five months — and October's figure was revised higher to 
0.6 percent. But although two straight months of healthy sales suggest steady hiring is encouraging Americans to spend more this holiday season, this weekend's storm is raising concerns, particularly at small businesses.

"It's worrisome," said Jon Hurst, president of the Retailers Association of Massachusetts. "We have three weekends before Christmas this year, compared to four last year, and that's where most of the sales occur. And the closer you get to Christmas, the more important those weekends become."

National Weather Service meteorologist Charlie Foley said this weekend's storm is expected to dump two to four inches on the Boston area, one to three inches on the Cape and islands, and five to eight inches on the Merrimack Valley into northern Worcester County.

"It won't be a blockbuster, but it'll be the first significant snowstorm of the season," Foley said.

Alissa Eck, owner of Exclusive Jewels on Beacon Hill, worried that even a light snowfall in Boston might keep people home.

"Right now, it's so close to Christmas," said Eck. "It will definitely hinder how many people come out."

Herald wire services
contributed to this 
report.

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Southie hall hotels under way

The Massachusetts Convention Center Authority yesterday heralded a groundbreaking for two "mid-priced" hotels on D Street as the kickoff to its proposed $1 billion expansion of the Boston Convention & Exhibition Center.

CV Properties and Starwood Hotels & Resorts Worldwide will build a 330-room Aloft Hotel and a 180-room extended-stay Element Hotel across from the convention center in the South Boston waterfront.

Starwood created the two hotel brands a few years ago based on a "democratization of design" that incorporates qualities of luxury hotels, according to Allison Reid, senior vice president of North American development. Room rates at the D Street properties will be at least 10 percent below prevailing rates of nearby four-star hotels. Both hotels will be "flagships" for their respective brands, Reid said.

The $140 million project is part of a larger MCCA effort to spur development of more hotels near the convention center, from which there are 1,690 rooms within walking distance, compared to an average 7,584 rooms for competing centers in other cities, according to the MCCA. It's also eyeing a 1,200- to 1,500-room "headquarters hotel" near the BCEC.

The next step in the 
MCCA's expansion plan would be passage of the proposed legislation, filed in October, to expand the nine-year-old BCEC by 60 percent, according to executive director James Rooney.

"Our hope is that we can see action from the House and Senate and get it to the governor's desk in the first quarter of next year," Rooney said.

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Boutique buildings fill Boston niche 
with distinction

While a lot of attention has been given to the larger residential projects in the Hub, there are a number of new, smaller boutique buildings that promise buyers and tenants something more distinctive.

"In a smaller-scale building you can pay much more attention to the quality of the design and the details," said Damian Szary, a principal at Boston-based Redgate Real Estate Advisors, whose Gate Residential unit is developing a nine-story condo complex along Congress and Farnsworth streets in the booming Seaport District. With its floor-to-ceiling glass windows all around, Zero Farnsworth will be strikingly contemporary in an area of brick warehouses.

"We are pushing our architects (Boston-based CBT Architects) to go above and beyond in terms of design and style," added Szary, who expects construction to begin in the second half of next year. "Our goal is to create a product that Boston hasn't seen before."

There's no question that new units in boutique buildings elsewhere in the city are selling for a premium. The five-unit Chevron on Tremont in the South End sold out in preconstruction, commanding $3-million-plus prices. And three units have sold in a six-condo complex above a Chanel store at 
4-6 Newbury St., dubbed Chanel No. 6, with prices ranging from $5.5 million to almost $8 million.

"Some buyers and renters would rather be one of 10 people in a building rather than one of 250," said Szary, whose company also developed the 184-unit Maxwell's Green luxury rental complex in Somerville.

A high-end rental project at 22-26 West Broadway in Southie looks like it was designed for a European city. The three mini-tower complex is the brainchild of local developer Jason Cincotta and architect Michael LeBlanc of Hub-based Utile.

"We want to provide a different kind of rental experience, something not mass-produced, that creates a feeling of a small community," said Cincotta, owner of Evergreen Property Group, adding that the 31 units in the floor-to-ceiling glass-faced towers will have 16 different floor plans, luxury condo finishes and common spaces that will encourage residents to get to know one another.

LeBlanc, whose firm also designed the successful First & First 23-unit townhouse condo development, thinks there is a pent-up demand for high-design units in smaller buildings.

"And with a thoughtful use of space and materials and attention to design, you can provide a great residential experience without a lot of added cost," LeBlanc said.

With some 6,000 new rental units expected to come on line in the city over the next several years, boutique buildings differentiate themselves from larger projects designed to appeal to a wider segment of renters.

Take the Fox Residences, a 14-unit rental building that for many years housed the Strawberries record store on Washington Street downtown. Before that it was the Art Deco design headquarters of furrier I.J. Fox. An affiliate of Hub developer Core Investments is refinishing the building's two-story black granite exterior that's framed by a brass ziggurat. And they have uncovered and are refinishing an interior vestibule that features a fox head in relief on bronze panels, brass moldings as well as a stylish Art Deco skylight. Upstairs are 14 two- to four-bedroom units with Brazilian cherrywood floors and Silestone counters, priced from $2,650 to $5,600 a month, many with great downtown views through large windows.

"It's unique," said Alicia Ingalls, a principal at Bulfinch Boston Realty. "It doesn't feel like a vanilla box or a hotel. Boutique buildings like this feel more personable."

Broker Ralph Aucella of Keliher Real Estate, who is handling rentals for the Fox building that opens next month, said boutique buildings are popular for other reasons, too.

"They have a little more character and a little more privacy," Aucella said. "They're good places to be if you don't want a concierge in your business 24 hours a day."

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Hospitals get $25M NIH grant

The National Institutes of Health has awarded a group of researchers from Massachusetts General Hospital, Boston Medical Center and Brigham and Women's Hospital a $25 million grant to determine the most effective treatment for the most severe form of peripheral artery disease, which can lead to amputation.

The four-year trial will enroll 2,100 patients at 120 clinical centers in the U.S. and Canada and will compare traditional bypass surgery with the less invasive alternative of endovascular treatment for patients with critical limb ischemia, or CLI.

"This is a huge deal because CLI affects thousands of people in this country alone," said Dr. Alik Farber, chief of the division of vascular and endovascular surgery at BMC and one of the trial's principal investigators. "The problem is it's unclear which procedure is better in terms of saving legs."

Endovascular treatment is a smaller procedure with less risk, Farber said, but it also is thought to be not as durable, meaning that the patient may have to have it done more than once.

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B.R.A. to give ‘blighted’ tax break to Garden complex

The Boston Redevelopment Authority is set to approve a $950 million redevelopment of the former Boston Garden site next week — including $7.8 million in tax breaks for the city-designated "blighted" area — despite neighborhood objections to a 600-foot tower among the three-building complex.

The Menino administration confirmed a 15-year tax deal yesterday and that a Star Market supermarket will be part of Boston Properties and Delaware North's project near the TD Garden.

The tax deal was reached to "secure the critical tenant and create tax certainty" during the first phase of the 1.87 million-square-foot mixed-use project, the announcement said.

"It's a mistake to offer any tax breaks for economic development purposes," said David Tuerck, executive director of the Beacon Hill Institute. "The better policy would be to have a tax rate that is low enough to encourage economic development without having to provide special favors to every supplicant who comes along wanting a subsidy."

The project includes a 497-unit, 600-foot residential tower; a 20-story, 306-room hotel; a 25-story office building; 235,000 square feet of retail space; a 40,000-square-foot TD Garden expansion; and an expansion of the North Station parking garage.

"The tax certainty provided by the 121A agreement will benefit our tenants, securing the mix of uses and public benefits long desired by the community," Boston Properties senior vice president Bryan Koop said in a statement.

Menino and BRA director Peter Meade weren't made available for comment. Meade met with the Boston Garden Impact Advisory Group yesterday to inform the neighborhood stakeholders of the news.

Six of 13 members who favor a 400-foot tower instead of a 600-foot tower and object to the "blighted" status wrote to Menino this week, alleging their concerns weren't given serious consideration. Member James Zahka said he still feels ignored. "If you live near a transportation node, get ready for 600-foot buildings," he said.

The project will generate $32.3 million in revenue over 15 years, versus 
$5 million in property taxes should the land, vacant since the 1990s demolition of the old Boston Garden, remain undeveloped, BRA spokeswoman Melina Schuler said. "This is an opportunity to have a signature building in this part of the city," she said. "We feel that a tower up to 600 feet would be appropriate."

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The Ticker

Profit-taking trips up stocks but not Facebook

U.S. stocks fell yesterday as retail sales rose solidly in November, adding to signs the economy is strong enough for the Federal Reserve to begin reducing the pace of monetary stimulus.

Profit-taking also played a part in the market's decline, with investors selling some stocks to lock in gains from this year's rally.

Facebook, however, closed at its highest level since Oct. 25, a day after it was selected to join the S&P 500 index. The change becomes effective after the close Dec. 20. In yesterday's session, the social network's stock jumped 5 percent to end at $51.83 and helped cap the Nasdaq's loss.

The Dow Jones industrial average fell 104.10 points or 0.66 percent, to end at 15,739.43. The S&P 500 lost 6.72 points or 0.38 percent, to finish at 1,775.50. The Nasdaq Composite dropped 5.41 points or 0.14 percent, to close at 3,998.40.

JPMorgan close to deal on Madoff

JP Morgan is close to striking a deal with federal authorities over the company's ties to Ponzi scheme mastermind Bernie Madoff, in which the company would escape criminal charges while paying $2 billion in penalties, according to people familiar with the negotiations.

Hilton developing new hotel brand

Hilton Worldwide Holdings, which began trading shares on the New York Stock Exchange yesterday, expects to introduce a new hotel brand in 2014 aimed at affluent young travelers by emphasizing style and design.

Chief Executive Christopher Nassetta said Hilton is exploring plans for a boutique hotel, or "lifestyle" brand. It would aim to compete with W Hotels, a brand developed by Starwood Hotels & Resorts Worldwide and Marriott International's Edition hotels.

Today

 Commerce Department releases final third-quarter gross domestic product.

 The Shuffle
 
College Hype, a Dorchester-based company that manufactures and provides quality custom apparel and school uniforms for schools, media outlets and corporate organizations, announced the promotion of Joseph Foley, of Weymouth to the position of senior vice president. He will oversee day-to-day activities at College Hype, and will assist the company president with overall strategy for the firm's continued growth.

 Rhino Public Relations, a specialty public relations agency, announced that Carrie Sullivan has joined the firm as an account manager. In her new role, Carrie will be responsible for managing the day-to-day operations of Rhino PR client programs and working with the account team on the support of client accounts.

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Orange County Register owner plans daily LA paper

LOS ANGELES — The parent company of the Orange County Register plans to expand with a daily paper in Los Angeles, looking to further stretch its regional reach to nearly all of Southern California.

The new, seven-days-a-week paper will be known as the Los Angeles Register, Freedom Communications CEO Aaron Kushner told The Associated Press on Thursday night, a few hours after announcing the move to his staff in the Orange County Register's newsroom.

Kushner didn't give many specifics about plans for the paper but said it will be launched "quickly" and will be widely distributed in print in Los Angeles County. The Register's story on the launch said it would come early next year.

Kushner said the paper will share Orange County Register content in sports and other areas with regional relevance, but he emphasized it will be a distinct entity with a Los Angeles office and a staff made up of existing Register employees and new hires.

"It will be the LA Register, not the Orange County Register," Kushner said in a phone interview. "We're not a national paper, we are a local community-building paper, so that means having local people in the community they're covering."

Shortly after the announcement, Orange County Register staffers received an email asking about their interest in covering Los Angeles.

The move represents the first time in years that a newspaper has sought to challenge the area's dominant daily, the Los Angeles Times.

The Times' last citywide daily competitor, the Los Angeles Herald-Examiner, folded in 1989, and plans for startups have been frequently proposed since, but all have faltered. Los Angeles County's other newspapers have largely chosen to focus on their local area instead of the region.

Kushner said he believes there is a place for a paper with a different emphasis and perspective.

"We think the LA Times is a great national newspaper. We are a very different kind of newspaper," Kushner said. "Obviously, we have a very different political perspective. We're not liberal and we're not reactionary. We believe in free markets."

Asked to respond, Times spokeswoman Nancy Sullivan said in an email, "Our first and foremost mission is serving Southern California, as we have for 132 years."

Last month, Freedom Communications Inc. bought the Riverside Press-Enterprise, the region's biggest inland newspaper, for $27.2 million from Dallas-based A.H. Belo Corp., a month after the deal was announced.

That acquisition combined with a new Long Beach daily and the move into Los Angeles means Freedom's papers will have vast reach in a heavily populated region.

But it means an increasingly large gamble that the millions of potential readers will turn into lots of actual customers at a time when the newspaper business is generally shrinking.

Ken Doctor, a newspaper industry analyst with Outsell Inc., said the move may be an attempt to find new revenue to cover Freedom's fast-growing costs, but it's bold nonetheless.

"Aaron Kushner and Freedom Communications are making the most contrarian play in American newspapers," Doctor said. "While newspapers overall are receding and retracting and cutting, he is in expansionist mode."

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