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This Week: On Black Friday, It’s Shein and Temu Versus the World

Spending has been sluggish for many retailers, but they have a chance to make up for lost time in a compressed holiday season — if they can find an answer to their online competition.
Black Friday advertising in the town centre.
Black Friday deals may not be enough to draw shoppers as Temu, Shein and Amazon grab market share. (Getty)

Credit card data released by Earnest last week offered a sobering look at how the holiday shopping season has gone so far. Consumers spent 1.4 percent less at major US retailers in the first half of November compared to the same period a year earlier, the first such decline recorded in data going back to 2017.

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