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Nov 22, 2008 10:45 pm US/Central
Fest Draws Thousands, But Will They Spend Money?
CHICAGO (CBS) ―
Thousands celebrate at the Magnificent Mile Lights Festival annually. Every year, the festival draws shoppers to Michigan Avenue to start buying, but of course, this is no ordinary year. With the global economic worries -- are people ready to part with their money? CBS 2's Pamela Jones talked to festival goers.
Shoppers flocked to the Magnificent Mile for the pageantry and the lights – over a billion lights and over 200 trees on the street.
But retailers on the famous street hoped to draw them inside for the sales.
Many of the folks CBS 2 saw strolling the streets Saturday night, had few bags in their hands. And for those who did, admitted:
"I thought there would be more sales than there were. There were not many sales," said one shopper.
Another shopper said: "I was hoping to find more on sale."
With all the bags they had, the pair of shoppers said most of it was full price – like the $79 pants from Nordstrom's. He did finda a $180 cashmere sweater at 30 percent off, though.
"70 percent off would have been a lot better," he added.
Shoppers down on Michigan realize the economic picture isn't a pretty one right now, and the people crunching the numbers agree. Some of the popular shops saw steep declines in sales last month.
"We had same store sales declines at Nordstrom's of almost 16 percent, Macy's 6 percent," said market analyst John Melaniphy.
He says stores will have to do as musch advertising as they can, however they can to get people to move past the window shopping.
And retailers seem encouraged by Saturday's crowd.
"Because of its high end distinction, the Magnificent Mile always comes through," said John Maxson of the Greater North Michigan Avenue Association.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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