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One California Mall's Laid-Back Plan for Black Friday

Friday, 25 Nov 2011 | 11:44 AM ET
Santa Monica Place
Source:
Santa Monica Place

As retailers race to earlier and earlier opening times, kicking off Black Friday on Thanksgiving Day, one California shopping mall is taking a more laid-back approach.

Santa Monica Place will open its doors at 8 a.m. Pacific Time, long after many of the East Coast night owls and early birds have returned home with their purchases.

This mall can afford to do this because luxury shoppers aren't as deal hungry, said Julia Ladd, property manager of Santa Monica Place. The mall, which has stores such as Bloomingdale's and Nordstrom as well as luxury retailers Tiffany's and Burberry, also attracts numerous tourists, who are more likely to sleep in than to wake up early and bargain hunt.

Santa Monica Place's Laid Back Black Friday
A look at why luxury shoppers are not coming in for early deals, with Julia Ladd, Santa Monica Place property manager, who adds that luxury shoppers are very targeted in what they want to buy.

According to Ladd, consumers have adjusted over the past few years to a weak economy.

"What we found is the shopper, over the last three years, has really adjusted," Ladd said. "They've become much more practical. They plan for what they're going to spend. So they're looking for value and good deals, they're very targeted in what they want to get, and if there is a specific item — especially on the accessories, handbags, and shoes — a shopper may do...lower-price shopping and then save on that side so they can buy the luxury item."

Ladd is seeing higher levels of spending, and expects sales to be up between 2.5 percent and 3 percent, which is in-line with the holiday spending forecastissued by theNational Retail Federation.

Questions? Comments? Email us at consumernation@cnbc.com. Follow Christina Cheddar Berk on Twitter @ccheddarberk.

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