Target Will Win Holiday Sales, Poll Says
NEW YORK (
) --
Target
(TGT) - Get Report
will beat out
Wal-Mart
(WMT) - Get Report
this holiday season, according to a poll by
TheStreet
.
Target has been going head-to-head with Wal-Mart to lure shoppers ahead of Black Friday, the traditional kick-off to holiday shopping.
On Wednesday the discounter announced yet another round of discounting on its Web site. Starting this month, Target will celebrate "Mega Merry Mondays" with deals on 17 hot items, and "Total Toy Tuesdays," with price cuts on five favorite toys.
Black Friday Retail Stocks: Wal-Mart vs. Target |
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Target will also offer free shipping when customers spend $50 or more from Nov. 21 through Dec. 11, and will host sales Thanksgiving day at Target.com that will feature 50% off electronics like cameras, televisions, Blu-ray players and video game consoles.
The company previously said it will be running a four-day sale in stores beginning Nov. 21 that will include discounts of as much as 50% on more than 170 gift items like toys, electronics and entertainment. It is also cutting prices on the iPod touch and offering two-for-one video games.
These deals follow Wal-Mart's announcement last week of its own pre-Black Friday door-busters. Over the weekend, the No. 1 retailer slashed prices on flat-panel televisions on Saturday and Sunday, and and announced that it will continue to offer electronic deals throughout November, courtesy of its "The Amazing Walmart Electronic Event."
Wal-Mart also introduced its first-ever 52-page toy catalog, and further cut prices on toys it predicts will be big seller this holiday season.
According to the poll, 55.5% believe Target will come out on top this holiday season, while 44.5% believe Wal-Mart will be the big winner.
This doesn't come as too much of a surprise, as Wal-Mart has been struggling with its U.S. sales over the past year. The company reported five consecutive quarters of U.S. same-store sales declines, and analysts are forecasting another decrease when it reports third-quarter earnings next week.
Wal-Mart has been attempting to woo shoppers back to stores after it made a decision to get rid of some merchandise from shelves it deemed "unprofitable" through its Project Impact initiative. The discounter is currently in the process of restocking some of these items and growing categories like apparel and home goods, two divisions it shrunk significantly amid the recession. Wal-Mart said it will go back to providing apparel basics and offer more plus sizes.
Target, on the other hand, reported a 1.7% uptick in October comparable sales, beating Wall Street's forecast of a 1.5% increase. Still, these results came in at the low-end of management's own estimates, as the company continued to see softness in its apparel business.
In October, Target launched a new discount program, which offers a 5% savings on most products when shoppers use a Target card. The loyalty program is expected to give Target an added boost during the holidays.
--Written by Jeanine Poggi in New York.
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