Goldman finds small crowds, more promotions over Black Friday weekend

Goldman Sachs analysts say overall brick and mortar retail traffic "appeared muted" relative to 2019 at most "traditional" Black Friday weekend destinations, but with traffic levels above 2021 levels. The firm saw "small crowds and a lot more promotions" after visiting various retailers throughout the weekend in the Northeast, Texas, and Utah. However, there were certain retailers where traffic was a little stronger, like Target (TGT) and Best Buy (BBY), and the mall, like Bath & Body Works (BBWI), Dick’s Sporting Goods (DKS), Lululemon (LULU) and Foot Locker (FL), Goldman retail analysts tell investors in a research note. Consumer electronics, toys and sporting goods were the areas within stores with the most traffic, but promotions "are back," especially since several retailers have noted consumers are increasingly incentivized by promotions, they add.