The retail sector is setting up to be more promotional this holiday season than normal with Amazon (NASDAQ:AMZN) scheduling a second Prime shopping day event in October to follow the original Prime Day on July 12-13. The new 48-hour event will give Prime members exclusive early access to discounted holiday deals.
It is the first time Amazon (AMZN) has ever held two Prime shopping events in a year. That ratchets up pressure again on retail giants like Walmart (WMT), Target (TGT), Best Buy (BBY), and Dick's Sporting Goods (DKS) to also grab the promotional spotlight with their own events. E-commerce retailers such as Wayfair (W), Etsy (ETSY), and Overstock.com (OSTK) will also be competing in October with similar deal events.
Sector watch: The Amazon Prime event is likely to pull more holiday shopping into October from the traditional Black Friday to Cyber Monday shopping period. The event will also take place with inventories in the retail industry at a higher level than anticipated.