How important is it for top executives to know what their customers think of the businesses that they run? Most agree that it helps, but on Black Friday, chief executives of two of the country’s most popular venues for frenzied, over-caffeinated shoppers said they don’t shop at their stores at that time of year.

We could think of plenty of good reasons not to hit the chaos scenes known as big-box retailers on Black Friday. For one thing, it’s crowded and you have to wait in line all day while you’re holding boxes of stuff. Add a couple of cranky toddlers, and you could envision hundreds of reasons to stay home.

The CEOs of Best Buy and Toys “R” Us have different explanations.

“This is my 25th year in a row I am working on Black Friday… so I don’t get the chance to shop,” Best Buy CEO Brian Dunn told Reuters in an interview. “I work it, they shop.”

Toys R Us CEO Jerry Storch prefers the old, reliable punching bag: He blames the media. “Mostly on Black Friday, I talk to you!” Storch said.

(Photo: Reuters)

Today’s a serious shopping day for serious shoppers.

Black Friday is no longer a sport for the leisurely shopper. From our late-night rounds, it became clear that people were lining up all over in the dead of night (and some earlier than that!) not just for the fun of it but out of necessity.

While many of the stoutest shoppers were grimly determined to get their deals and get out, there was some fun and holiday cheer.

At a Best Buy in Springfield, Pennsylvania at midnight, the 50 people in line created an atmosphere part football tailgate and part Department of Motor Vehicle tension. A card table was set up near the end of the line, but the reception on that end was quite frosty, possibly “enhanced” by the consumption of cheap beer.

But for the most part, the deals were the thing.

Take Nate Bryan of Drexel Hill, Pennsylvania, who arrived at 2:30 am EST this year to get a laptop for his daughter.

“It’s normally $1,000 and now cut in half. That $500 can go to other things,” he said.

Laptops and big ticket items are favorites of this day, but they are not the only items.

Debbie Techac, who works as a cashier at a supermarket, had waited for more than 12 hours outside a Best Buy in central Phoenix to buy a heavily discounted Dyson vacuum cleaner reduced to $329 from $549, two laptops — one of them a Sony — and some DVDs. She expected to buy the laptops for $200-$300.

While many shoppers are looking to scale back spending, some of our early risers had other plans.

Techac said she was spending about the same as last year, and felt fairly optimistic both about her own job security, and the outlook for the wider economy.

“I have job security. I work at Fry’s. It’s a grocery store, everybody has to eat … I think (the economy) is going to get better, I hope.”

Lou McAnany, a college student in Phoenix, was playing Monopoly on the sidewalk with his girlfriend to pass the time waiting for Best Buy to open. “I’m playing with fake money, wishing it were real,” he said with a chuckle.

McAnany was lining up to buy a 40-inch LCD television, although he was not yet sure what brand or model, paying around $300, with savings of around $400, as well as an iPod and a Nintendo Wii.

“I’m happy with the discounts, I wouldn’t be standing out all night if I weren’t. It seems like they are better than last year.”

So, with all this buying, everyone will get something, right?

Well…

“Anybody old enough to get a job,” is being cut off this year’s Christmas list said Ayanna Brown, a 34-year-old Brooklyn resident who worked as a bookkeeper at a legal firm but lost her job last year, is now back in school and will graduate in June.

“Around Christmas you have to splurge on the kids, so the grown-ups understand.”

How has your Black Friday been? Any fantastic deals you want to share? What’s Number One on your wish list?

Also in the basket:

* What wine goes with pumpkin pie?

* No Thanksgiving rest for retailers in sales race

(Additional reporting by Phil Wahba, Tom Hals and Tim Gaynor)

(Reuters photos)

Brace yourself for the next salvo in the battle of the ebook readers (or electronic reading devices, or e-reader, or whatever you want to call them).

Barnes & Noble is planning a "major event" next Tuesday in New York to announce a mystery... something.

The bookseller won't say exactly what it will announce, but we'd be surprised if its NOT a digital book reader, to compete with Amazon's Kindle and Sony's Reader series.

In fact, Gizmodo says it has the goods on the device -- which it says has "a multi-touch display like an iPhone" -- and picture of the device. Click the link and take a look.

What do you think of this device (which may or may not be the actual product)? For that matter, what do you think about e-readers? Are you ready to buy one?

Let us know in the comment area.

Hey Brian Dunn, CEO of gadget lover's cathedral top electronics retailer Best Buy, what's on your short list of five great bang-for-your-buck devices for this holiday season?
(Thanks to the CNN Money reporter for asking this question at a press conference today)

DUNN: My short list?

* (First), on my personal short list -- a netbook is definitely on my short list - and by the way it's a companion device. It's lightweight, it's small, it's great to take on a quick trip.
* (Second) I think the HD Instinct is a very interesting smartphone. [Mediafile: That's Samsung's Instinct HD]
* (Third) I love my Flip HD camcorder. That's a great piece.
* Four, I really love the Ultra Thin OLED TVs are cool. [Mediafile: Um, cool yes. Bang for Buck? At about $2,000 for an 11-inch screen, let's just leave it at cool and move on. mkay?]
* The fifth one, of course, is a gift card , that I can give to the people I love, so they can get whatever it is they want.

Well played, Brian. Well Played.

Check Out how Best Buy missed expectations.

The top U.S. consumer electronics retailer checked in with a lower-than-expected profit on Tuesday, as it still had trouble selling videogames and digital cameras to cautious shoppers.

Its profit fell to $158 million, or 37 cents per share in the second quarter that ended Aug. 29, from $202 million or 48 cents per share, a year earlier.

Excluding a tax impact, its profit was 40 cents a share, while analysts had expected Best Buy to post a profit of 41 cents per share.

The failure of Circuit City, which closed its doors early this year, has helped Best Buy gain market share in past months. But the latter’s failure to meet profit expectations stood out in the broader retail sector, where several other companies have leaned on cost cuts and lower inventory to compensate for weak demand.

Also in the basket:

U.S. retail sales surge, producer prices up on energy

Kroger 2nd-quarter profit down, full year forecast cut

Cracker Barrel Q4 profit tops Wall Street

For chocolate fans, its a matter of taste - (WSJ, subscription reqd)

(Photo/Reuters)

Check out who has the highest customer satisfaction ranking among major appliance retailers.
 
It’s Best Buy, according to a study by J.D. Power and Associates.
 
The electronics retailer received a 797 out of 1,000 on the scale, performing particularly well in installation service and delivery service, J.D. Power said in a news release.
 
The study also takes into account sales staff, the store facility, merchandise and price.
 
Next was hhgregg at 794 and Lowe’s at 792. Sales staff and price were pluses for hhgregg, while Lowe’s did particularly well in store facility and merchandise, J.D. Power said.
 
The study is based on responses from more than 4,200 consumers who bought a laundry or kitchen appliance within the previous 24 months.
 
Also in the basket:  
 
Dollar Tree posts higher profit, raises outlook
 
Williams-Sonoma post surprise profit; ups FY view
 
Charming Shoppes posts Q2 profit below Street view
 
Toys “R” Us offers discounts for trade-ins (WSJ)

(Photo: Reuters)

Brian Dunn, who is set to become Best Buy’s CEO next week, has his own example of what it means to be connected in today’s digital age.

When he was visiting London a few weeks ago, Dunn watched the L.A. Lakers take on the Utah Jazz in the NBA playoffs on his notebook computer.  His three sons, who are also big basketball fans, were watching the game on TV at home, Dunn said.  They kept in touch using Skype to have a video chat.

As Dunn told Reuters, the boys were whispering to him, worried that their mother would hear that they were up too late.

“I’m across the Atlantic, but I’m connected to my sons, watching the game.  It’s like the most pristine example I have right now of what this connected world means for people.”

Maybe if more people tried to stay connected it could drive sales at Best Buy.  The retailer’s first-quarter revenue rose less than Wall Street expected and its shares fell on Tuesday.

(Reuters photo)

Check out a lack of government stimulus checks and rising gas prices weighing on consumers –and the retailers that are trying to sell them stuff.

Best Buy reported lower earnings for its fiscal first-quarter (which ended May 30), and said sales at its stores open at least 14 months declined the most during May. A year ago it got a boost in that month when shoppers came into its stores to spend those government stimulus checks.

The consumer electronics retailer said fewer customers visited its U.S. stores during the quarter. Sales of gaming items, digital cameras, appliances and movies fell, while notebook computers, mobile phones and repair services sold well.

Meanwhile the The ICSC-Goldman Sachs chain store sales index for the week ending June 13 declined by 0.6 percent from the prior week and fell by 1.5 percent from the prior year — the weakest
year-over-year performance in seven weeks.

The ICSC said overall customer traffic was off for the week relative to the prior period, and higher gasoline prices ate into the consumers’ ability to spend on discretionary merchandise. According to the U.S. Energy Information Administration, the average price of a gallon of regular gasoline rose by 4.8 cents over the latest week–its seventh consecutive weekly rise for a cumulative increase of 62 cents per gallon.

The ICSC said that for June, it now expects sales (minus Wal-Mart, which no longer reports monthly same store sales) to be down by about 5 percent from its year-ago level.

Earlier this month, it said it expected June same-store sales would fall 3 percent to 4 percent. 

Also in the basket:

Smithfield Foods loss less than expected

Tod’s sees low single-digit sales growth in 2009

Procter & Gamble buys men’s skincare brand Zirh

(Photo: Reuters)

Check Out one analyst’s list of retail names at risk.

Around this time last year, stimulus checks amounting to more than $100 billion started landing in cash-strapped consumers’ bank accounts, giving them a chance to spend and boosting sales for many retailers.

But this year’s stimulus entails lower withholding taxes and not ”hard checks,” which means “the effects of this year’s stimulus on retailers will be a far cry from 2008,” Pali Capital analyst Stacey Widlitz said in a research note to clients.

As retailers already face thrifty consumers, tough comparisons versus a year ago could put some retailers at risk this time around, adding “insult to injury,” she said.

For example, electronics retailer RadioShack offered consumers a 10 percent discount on purchases over $50 when a stimulus check was used between May 4 and July 12 last year.  That along with sales of TV converter boxes helped sales, Widlitz said.  

“Beware of tough comps ahead, lack of stimulus promotions and the end of converter boxes in June,” she said in the note.

Widlitz also mentioned discounting giant Wal-Mart Stores, saying the retailer benefited last year from stimulus checks, and ”on top of increasing expectations, investors are not fully factoring in the headwind for May-June.”

Other companies mentioned include Best Buy, closeout retailer Big Lots, and grocery store chains such as Supervalu, Safeway and Kroger.

Also in the basket:

Energizer to buy SC Johnson shaving cream business

Ackman to tout Target slate at town hall meeting

Benetton Q1 net profit, revenue fall

Nordstrom withdraws from CityNorth project (WWD, subscription required)

(Reuters photo)

Check out the trifecta of profits that topped Wall Street views.

Expectations have been pretty low for the consumer and retail sector given the tough economy, cash-strapped consumers and the overall funk in the market keeping shoppers away.

On Thursday, a few companies managed to beat expectations.  Is it a signal that things are finally picking up?

Best Buy’s quarterly profit plunged 23 percent.  Still, adjusted results topped Wall Street estimates as the retailer said it got a boost from stronger-than-expected consumer demand.

“We prepared for reduced consumer spending, and we were pleased when the quarter finished stronger than it began,” Best Buy CEO and Vice Chairman Brad Anderson said in a statement.

Over at ConAgra, price increases and cost cuts helped profitability in the consumer foods business.

And Dr Pepper Snapple is riding high with its low-cost drinks, such as Crush.  Still, higher-end beverages such as Snapple are feeling a pinch.

Also in the basket: 

Estee Lauder promotes Freda to CEO

Ecko hires investment bank Peter J. Solomon (NY Post)

Dress with $30 million price tag spurns economic crisis

(Reuters photo)