TT: In general, would you say retailers are offering their best deals earlier in the holiday shopping cycle than in the past?  Many shoppers used to assume that the deals got better the closer you got to Christmas. Is that no longer true?

Abelson:  One new factor this year is that retailers are carrying much less inventory than in the past.  Been into a Saks lately?  Its like a ballroom, its so empty, and recall that last year at this time they were running 70-percent-off sales.  Less inventory should lead to fewer markdowns early. It doesn't matter when a consumer buys, the deals will be aggressive from now through December, but the inventory items will change with more goods coming in later in the cycle.  There is some anecdotal evidence of retailers in the market today looking to buy extra merchandise for the holiday season.

TT: Another observation: It seems that more retailers are heralding some Black Friday events well in advance of Nov. 27. Kmart, for example, launched it weekly “Better Than Black Friday” doorbusters on Nov. 6, while Walmart last month slashed prices on hot new toys. Has Black Friday morphed from a single shopping day or weekend into a longer period where prices start low and stay low for an extended stretch? Do you still expect some of the best deals of the season to occur on Black Friday itself or Black Friday weekend?

Abelson:  Black Friday has become an attraction unto itself with midnight openings and specials from 12 to 6 a.m.  The idea here is to get a jump on the season and the competition. The best deals will be early on Black Friday itself, better than in the run up and the weekend generally. The one thing Black Friday will never be is the highest volume day of the year; that honor usually belongs to the Saturday before Christmas.

TT: Traditionally, high-end and luxury brands like Coach, Dooney & Bourke, Polo, Uggs have been protective of their image and, hence, reluctant to offer discounts off of list price at department stores and boutiques. Has the turbulent economy prompted some high-end names to engage in price cutting this year?

Abelson: High-end brands, particularly those just below true luxury such as Coach, Dooney & Bourke, and Nordstrom have for years been relying on 20 percent or more of their business coming from so-called "aspirational" shoppers, i.e., not the core demographic, but slightly below and "reaching" to purchase the brands or buy at the store (Tiffany can be included in this list as well). Coach, for example, literally exploded the brand when they started offering a very large portion of the collection in less-expensive cloth versions.  This is somewhat akin to Mercedes offering the C Class, a less-expensive version of the 3-pointed star.  Additionally, for the first time we are now seeing true luxury with less-expensive items to lure either back into the fold or for an initial buy that customer who is waffling on buying the brand.  So, the answer is yes, they are price-cutting, but not in a promotional sale way, but by having less-expensive items.  Also, do not forget that brands such as Coach and Polo have a huge outlet business.  How big?  Just remember that the Polo store at Woodbury Common Premium Outlets does more volume than the Mansion at Madison and 72nd.

TT: I’ve signed up for e-mail alerts from dozens of retailers over the past couple of holiday seasons. And what I’ve seen this year is that many chains are becoming more creative in their marketing. It’s no longer just take 10 percent off any single item. Instead I see a flood ever-changing gimmicks, for example, take 30 percent off everything on the site from 10 a.m. and 2 p.m., knock off 10 percent from any item you’ve recently viewed, or use your store charge card and get exclusive invitation-only pricing. Are chains targeting their best deals to their best customers or otherwise customizing their promotions to customers based on their category preferences?

 Ableson:  Yes. Big retailers, to their credit, have used technology advancements in a major way to grow their volume.  They now can hone in on customers in every imaginable way, including obtaining better feedback from consumers.