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As per Sensormatic Solutions data, Black Friday traffic at retail stores was down 28.3% from its 2019 level due to the popularity of online purchases and shoppers spreading out their holiday spending throughout the season. Moreover, the newly identified omicron coronavirus variant triggered a worldwide alarm that caused stores on Black Friday to experience the lowest level of clearance goods for sale in five years.
Given this backdrop, fundamentally weak retail stocks, The Gap, Inc. (GPS) and Nordstrom, Inc. (JWN), could be best avoided now.
