<p>比尔·彼得斯</p>
<p>“对于我在 20 多年商业生涯中的旅程来说，走到黑色星期五的过程是最糟糕的一年，甚至比 COVID 还要糟糕，” 一位小企业主在关税影响下表示。</p>
<p>2024 年 11 月 29 日，购物者在弗吉尼亚州阿灵顿的一家商场内经过黑色星期五促销横幅。</p>
<p>随着企业在经历了关税冲击的一年后投入黑色星期五，似乎有一个规则：你越大，越乐观。</p>
<p>最大的零售商在本月的季度财报电话会议上表现出冷静和信心，感觉关税已得到控制，并且他们的货架上有足够的商品来满足预算有限的消费者的假日需求。然而，对于许多小企业来说，压力则更加明显。</p>
<p>“我们有适合每个预算的商品，价格范围广泛的优惠，” 百思买公司（Best Buy Co.，BBY）的首席执行官科里·巴里（Corie Barry）在周二的财报电话会议上表示。</p>
<p>但在纽约提康德罗加的玩偶设计公司 The Queen's Treasures，负责在中国制造这些商品的公司，创始人乔安·卡提利亚（Joann Cartiglia）表示，本月的销售额与去年相比下降了 50%。</p>
<p>她说，随着美国提高关税或以其他方式进行难以预测的调整，她无法承担生产和运输她所销售的许多商品的费用。The Queen's Treasures 网站上列出的许多玩偶和玩偶家具都带有 “抱歉，关税定价！” 或 “数量有限！” 或 “售罄 - 预计到货时间受关税影响！” 的通知。</p>
<p>“我有很多产品缺货，我无法承担制造并额外加价 30% 的费用，” 她说。“这是一种绝望的情况。”</p>
<p>“我不会对我知道会卖光的任何商品进行促销，而这些商品占了我很多的库存，” 她继续说道。</p>
<p>卡提利亚表示，关税打乱了她的退休计划，让她拥有一个无法出售的生意。她说，市场对贸易和更广泛经济反应的关注使人们忽视了如果小企业继续挣扎，可能对市场产生的影响。</p>
<p>假日季节的分歧已经显现，国家零售联合会预计今年的假日季节销售将突破 1 万亿美元大关。但该行业组织指出，消费者在更加密切地关注支出，并表示关税推高了价格。Adobe 表示，在线交易可能比去年稍微不那么慷慨，因为关税改变了购买模式。该公司预计，美国消费者在黑色星期五的在线支出将创下 117 亿美元的纪录，同比增长 8.3%。</p>
<p>尽管如此，随着更大问题的出现，消费者在寻找折扣时更加积极，贝恩公司（Bain &amp; Co.）表示，美国假日销售中可能有 9% 将在黑色星期五和网络星期一之间进行，而这时折扣往往更大。这个 9% 的数字将是该公司自开始跟踪数据以来记录的最高季节性份额。</p>
<p>今年的黑色星期五还在政府关闭后到来，关闭期间低收入美国人的 SNAP 福利受到影响，直到本月早些时候才结束。Coresight Research 的分析师阿迪提亚·考希克（Aditya Kaushik）表示，该公司的假日购物数据表明，11 月份购物趋势几乎没有增长。</p>
<p>“但最近我们看到，正在为假日季节购物的消费者数量有所增加，” 他上周表示。“这发生在联邦政府关闭得到解决之后，这也可能导致今年的黑色星期五活动表现良好。”</p>
<p>分析师表示，目前的生活成本压力有利于大型零售商。这些大型连锁店有更多资源来保持库存和降低价格。</p>
<p>在其他大型公司中，沃尔玛公司（Walmart Inc.，WMT）提高了全年预测，并表示假日购物季 “开局相当不错”。TJX 公司（TJX）首席执行官厄尼·赫尔曼（Ernie Herrman）表示：“我们对 11 月的定位感到满意。”</p>
<p>TJX 和罗斯商店公司（Ross Stores Inc.，ROST）也提高了全年财务预测。城市服装公司（Urban Outfitters Inc.，URBN）在周二表示，“11 月的客流量和销售依然强劲”，但指出顾客在等待更好的交易。</p>
<p>“我们对第四季度的前景感到乐观，准备迎接一个重要的周，” 服装连锁店 Abercrombie &amp; Fitch Co.（ANF）首席执行官弗兰·霍洛维茨（Fran Horowitz）在周二的财报电话会议上表示。她补充说，她 “对黑色星期五的热情感到兴奋，并准备好竞争。”</p>
<p>但对于一些小企业来说，进入黑色星期五的库存准备已经足够困难。现在，一些企业在担心经济放缓的情况下，质疑他们是否能销售现有的商品。</p>
<p>“走到黑色星期五的过程是我 20 多年商业生涯中最糟糕的一年，甚至比 COVID 还要糟糕，” 犹他州西谷市的假日照明和装饰公司 Village Lighting Co.的创始人兼首席执行官贾里德·亨德里克斯（Jared Hendricks）表示。</p>
<p>“物流成本的增加、延迟发货的问题以及工厂停停开开的生产，以及政策的反复变化，使得计划变得极其困难，” 他补充道。</p>
<p>亨德里克斯表示，公司不得不借钱来支付这些进口税的费用。他表示理解关税背后的逻辑——政府认为这可能有助于恢复制造业、重塑贸易政策并带来收入——并表示希望正在进行的贸易谈判能够成功。但他表示，随着这些重新谈判的尘埃落定，他希望更多的关注能够放在那些无法轻易在美国制造商品的企业上。</p>
<p>村庄照明公司拥有 11 名全职员工和 5 名季节性员工，其产品在中国和其他亚洲国家生产。亨德里克斯表示，由于几批货物因上个月美国威胁对中国加征关税而延迟发货，最近几周出现了短缺情况，但这一威胁并未实现。</p>
<p>例如，一款受欢迎的滚动树架已经售罄一个月了，他说。</p>
<p>他说：“人们喜欢在十月和十一月购买这些，以便在十二月装饰他们的圣诞树。” “而我们这里没有这些，因为它们在等待关税决定的过程中被搁置。”</p>
<p>其他一些没有表现出明显焦虑的小企业至少在某些方面做出了不同的调整。位于密苏里州海兹尔伍德的 TeeTurtle 的首席营收官丽莎·亚当斯表示，该公司在促销计划上必须更加精准。</p>
<p>她说，这意味着要依赖于对那些未受到关税影响的商品（如 T 恤）提供更高的折扣，或者对已经在美国的商品进行折扣。来自中国的新商品必须更加谨慎地打折，以弥补更高的进口成本。</p>
<p>她说：“当成本上升时，这直接影响我们在黑色星期五等重大购物窗口期间的折扣力度。”</p>
<p>洛杉矶的 Bezel 首席执行官兼联合创始人夸德·沃克表示，随着关税导致成本、手表价格和供应的不稳定，并增加了卖家在管理这一切时可能出现的混淆或取消销售的风险，他试图增加员工数量，以帮助买家与合适的卖家联系以完成交易。</p>
<p>他说：“我刚刚增加了我们的团队，以确保我们不仅为假期期间交易量的巨大增加做好准备，还为假期期间可能需要更多的手把手指导做好准备，以确保销售顺利完成。”</p>
<p>一些对消费者需求状态感到乐观的小企业仍然有疑问。</p>
<p>自然床垫公司的首席增长官阿林·舒尔茨说：“不想自夸，但我们做得很好。” 该公司生产床垫和床上用品，总部位于俄亥俄州查格林瀑布。“但我想象在明年第一季度，黑色星期五结束后，如果那些关税仍然存在，情况会有很多不确定性。”</p>
<p>他说：“2026 年上半年会是什么样子？人们会在这个假期季节像喝醉的水手一样消费，然后明年就会说，‘好吧，我们那时已经购物了。我们就等着吧？’”</p>
<p>-比尔·彼得斯</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-28-25 1154ET</p>

沃尔玛

<p>大型零售商对这个假日季节充满信心，拥有管理关税和补充库存的资源，而小型企业则因关税引发的成本和库存短缺而苦苦挣扎。全国零售联合会预计假日销售额将超过 1 万亿美元，但消费者仍然谨慎。分析师认为，大型零售商在当前经济环境中受益，而小型企业面临挑战。最近政府关门的解决方案可能会促进黑色星期五的销售，预计在线消费将大幅增加</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比尔·彼得斯</p>
</div><p>'Just the journey to getting to Black Friday has been the worst year in my 20-plus years of business, even worse than COVID,' one small-business owner says amid tariff fallout</p>
<div class="lb-trans"><p>“对于我在 20 多年商业生涯中的旅程来说，走到黑色星期五的过程是最糟糕的一年，甚至比 COVID 还要糟糕，” 一位小企业主在关税影响下表示。</p>
</div><p>Shoppers walk past a Black Friday sale banner at a store in a mall in Arlington, Va., on Nov. 29, 2024.</p>
<div class="lb-trans"><p>2024 年 11 月 29 日，购物者在弗吉尼亚州阿灵顿的一家商场内经过黑色星期五促销横幅。</p>
</div><p>As businesses dive into Black Friday following a year upended by tariffs, the rule seems to be that the bigger you are, the more optimistic you feel.</p>
<div class="lb-trans"><p>随着企业在经历了关税冲击的一年后投入黑色星期五，似乎有一个规则：你越大，越乐观。</p>
</div><p>The largest retailers have projected calm and confidence, a sense that tariffs are under control in quarterly earnings calls this month - and a sense that they have what they need on their shelves to make the holiday season work for a more budget-conscious consumer. For many smaller businesses, however, the stress has been more pronounced.</p>
<div class="lb-trans"><p>最大的零售商在本月的季度财报电话会议上表现出冷静和信心，感觉关税已得到控制，并且他们的货架上有足够的商品来满足预算有限的消费者的假日需求。然而，对于许多小企业来说，压力则更加明显。</p>
</div><p>&#34;We have something for every budget, with deals across a wide range of price points,&#34; Corie Barry, chief executive at Best Buy Co. (BBY), said on the electronics retailer's earnings call on Tuesday.</p>
<div class="lb-trans"><p>“我们有适合每个预算的商品，价格范围广泛的优惠，” 百思买公司（Best Buy Co.，BBY）的首席执行官科里·巴里（Corie Barry）在周二的财报电话会议上表示。</p>
</div><p>But at The Queen's Treasures, a doll designer in Ticonderoga, N.Y., that manufactures those items in China, sales so far for this month are down 50% compared with last year, according to Joann Cartiglia, the company's owner and founder, whose business struggles with staying stocked up.</p>
<div class="lb-trans"><p>但在纽约提康德罗加的玩偶设计公司 The Queen's Treasures，负责在中国制造这些商品的公司，创始人乔安·卡提利亚（Joann Cartiglia）表示，本月的销售额与去年相比下降了 50%。</p>
</div><p>As the U.S. raises tariffs or otherwise makes tough-to-predict changes to them this year, she can't afford to make and ship in a lot of what she sells, she said. Many of the dolls and doll furniture listed on The Queen's Treasures' website contain the notices like &#34;SORRY, Tariff Pricing!&#34; or &#34;LIMITED QTY!&#34; or &#34;SOLD OUT-ETA SUBJECT TO TARIFFS!&#34;</p>
<div class="lb-trans"><p>她说，随着美国提高关税或以其他方式进行难以预测的调整，她无法承担生产和运输她所销售的许多商品的费用。The Queen's Treasures 网站上列出的许多玩偶和玩偶家具都带有 “抱歉，关税定价！” 或 “数量有限！” 或 “售罄 - 预计到货时间受关税影响！” 的通知。</p>
</div><p>&#34;I am out of stock on so many of my products that I could not afford to manufacture and add an extra 30% on,&#34; she said. &#34;So that is a desperate situation.&#34;</p>
<div class="lb-trans"><p>“我有很多产品缺货，我无法承担制造并额外加价 30% 的费用，” 她说。“这是一种绝望的情况。”</p>
</div><p>&#34;I am not going to be running sales on anything I know I'm going to be running out of, which is a lot of my stuff,&#34; she continued.</p>
<div class="lb-trans"><p>“我不会对我知道会卖光的任何商品进行促销，而这些商品占了我很多的库存，” 她继续说道。</p>
</div><p>Cartiglia said tariffs had upended her retirement plans and left her with a business she couldn't sell. She said that the focus on the stock market's reaction to trade and the broader economy took the focus away from the potential impact on the markets if smaller businesses continue to struggle.</p>
<div class="lb-trans"><p>卡提利亚表示，关税打乱了她的退休计划，让她拥有一个无法出售的生意。她说，市场对贸易和更广泛经济反应的关注使人们忽视了如果小企业继续挣扎，可能对市场产生的影响。</p>
</div><p>The holiday-season divide has emerged as the National Retail Federation expects this year's holiday-season sales to crack the $1 trillion barrier. But the industry group noted that consumers were watching their spending more closely and said that tariffs had pushed prices higher. Adobe has said online deals might be a little less generous than last year, as tariffs alter buying patterns. The firm expects U.S. customers to spend a record $11.7 billion online for Black Friday, marking an 8.3% increase year over year.</p>
<div class="lb-trans"><p>假日季节的分歧已经显现，国家零售联合会预计今年的假日季节销售将突破 1 万亿美元大关。但该行业组织指出，消费者在更加密切地关注支出，并表示关税推高了价格。Adobe 表示，在线交易可能比去年稍微不那么慷慨，因为关税改变了购买模式。该公司预计，美国消费者在黑色星期五的在线支出将创下 117 亿美元的纪录，同比增长 8.3%。</p>
</div><p>Still, as bigger questions over affordability force shoppers to hunt for discounts more aggressively this year, Bain &amp; Co. said 9% of U.S. holiday sales could take place between Black Friday and Cyber Monday, when the discounts tend to be steeper. The 9% figure would be the highest seasonal share recorded by the firm since it started tracking the data.</p>
<div class="lb-trans"><p>尽管如此，随着更大问题的出现，消费者在寻找折扣时更加积极，贝恩公司（Bain &amp; Co.）表示，美国假日销售中可能有 9% 将在黑色星期五和网络星期一之间进行，而这时折扣往往更大。这个 9% 的数字将是该公司自开始跟踪数据以来记录的最高季节性份额。</p>
</div><p>Black Friday this year also arrives after a government shutdown that disrupted SNAP benefits for low-income Americans before ending earlier this month. Aditya Kaushik, an analyst at Coresight Research, said the firm's own holiday-shopping data showed that in November, there hadn't been much growth in shopping trends.</p>
<div class="lb-trans"><p>今年的黑色星期五还在政府关闭后到来，关闭期间低收入美国人的 SNAP 福利受到影响，直到本月早些时候才结束。Coresight Research 的分析师阿迪提亚·考希克（Aditya Kaushik）表示，该公司的假日购物数据表明，11 月份购物趋势几乎没有增长。</p>
</div><p>&#34;But recently we saw there was a jump in the number of shoppers who are shopping right now for the holiday season,&#34; he said last week. &#34;It came after the federal government shutdown got resolution, and that could also lead to a good Black Friday event this year.&#34;</p>
<div class="lb-trans"><p>“但最近我们看到，正在为假日季节购物的消费者数量有所增加，” 他上周表示。“这发生在联邦政府关闭得到解决之后，这也可能导致今年的黑色星期五活动表现良好。”</p>
</div><p>Analysts have said the current cost-of-living squeeze favors bigger retailers. Those larger chains have more resources to keep their stores stocked and prices lower.</p>
<div class="lb-trans"><p>分析师表示，目前的生活成本压力有利于大型零售商。这些大型连锁店有更多资源来保持库存和降低价格。</p>
</div><p>Among other large companies, Walmart Inc. (WMT) raised its full-year forecast and said the holiday shopping season was &#34;off to a pretty good start.&#34; Ernie Herrman, the chief executive of TJX Cos. (TJX), which runs TJ Maxx and Marshalls, said, &#34;We like the way we're positioned in November already.&#34;</p>
<div class="lb-trans"><p>在其他大型公司中，沃尔玛公司（Walmart Inc.，WMT）提高了全年预测，并表示假日购物季 “开局相当不错”。TJX 公司（TJX）首席执行官厄尼·赫尔曼（Ernie Herrman）表示：“我们对 11 月的定位感到满意。”</p>
</div><p>TJX and Ross Stores Inc. (ROST) also boosted their financial forecasts for the full year. Urban Outfitters Inc. (URBN) on Tuesday said &#34;November traffic and sales remain robust,&#34; but noted customers were waiting longer for better deals.</p>
<div class="lb-trans"><p>TJX 和罗斯商店公司（Ross Stores Inc.，ROST）也提高了全年财务预测。城市服装公司（Urban Outfitters Inc.，URBN）在周二表示，“11 月的客流量和销售依然强劲”，但指出顾客在等待更好的交易。</p>
</div><p>&#34;We feel good about the fourth quarter heading into a big week,&#34; Fran Horowitz, the chief executive at clothing chain Abercrombie &amp; Fitch Co. (ANF), said on the company's earnings call on Tuesday. She added that she was &#34;excited for seeing all the excitement out there for Black Friday and ready to compete.&#34;</p>
<div class="lb-trans"><p>“我们对第四季度的前景感到乐观，准备迎接一个重要的周，” 服装连锁店 Abercrombie &amp; Fitch Co.（ANF）首席执行官弗兰·霍洛维茨（Fran Horowitz）在周二的财报电话会议上表示。她补充说，她 “对黑色星期五的热情感到兴奋，并准备好竞争。”</p>
</div><p>But for some smaller businesses, getting stocked up heading into Black Friday has been difficult enough. Now, some are questioning whether they can sell what they have, amid concerns about a softening economy.</p>
<div class="lb-trans"><p>但对于一些小企业来说，进入黑色星期五的库存准备已经足够困难。现在，一些企业在担心经济放缓的情况下，质疑他们是否能销售现有的商品。</p>
</div><p>&#34;Just the journey to getting to Black Friday has been the worst year in my 20-plus years of business, even worse than COVID,&#34; said Jared Hendricks, the founder and CEO of Village Lighting Co., a company in West Valley City, Utah, that sells holiday lighting and decor.</p>
<div class="lb-trans"><p>“走到黑色星期五的过程是我 20 多年商业生涯中最糟糕的一年，甚至比 COVID 还要糟糕，” 犹他州西谷市的假日照明和装饰公司 Village Lighting Co.的创始人兼首席执行官贾里德·亨德里克斯（Jared Hendricks）表示。</p>
</div><p>&#34;The logistics cost increases, the issues with delayed shipments and factories stopping and starting productions, and the yo-yo of policy that's changed from one day to the next has made it extremely difficult to plan,&#34; he added.</p>
<div class="lb-trans"><p>“物流成本的增加、延迟发货的问题以及工厂停停开开的生产，以及政策的反复变化，使得计划变得极其困难，” 他补充道。</p>
</div><p>Hendricks said the company had to borrow money to cover the costs of those import taxes. He said he understood the logic behind the tariffs - which the government has argued could help bring back manufacturing, reframe trade policy and bring in revenue - and said he hoped the ongoing trade talks were successful. But he said that as the dust settles on those renegotiations, he hoped more attention would be given to businesses that couldn't easily make things in the U.S.</p>
<div class="lb-trans"><p>亨德里克斯表示，公司不得不借钱来支付这些进口税的费用。他表示理解关税背后的逻辑——政府认为这可能有助于恢复制造业、重塑贸易政策并带来收入——并表示希望正在进行的贸易谈判能够成功。但他表示，随着这些重新谈判的尘埃落定，他希望更多的关注能够放在那些无法轻易在美国制造商品的企业上。</p>
</div><p>Village Lighting Co., which has 11 full-time employees and five seasonal ones, makes its products in China and elsewhere in Asia. Hendricks said there have been shortages in the last few weeks due to late shipments, after several containers were delayed due to the U.S.' threat of a tariff hike on China last month that never materialized.</p>
<div class="lb-trans"><p>村庄照明公司拥有 11 名全职员工和 5 名季节性员工，其产品在中国和其他亚洲国家生产。亨德里克斯表示，由于几批货物因上个月美国威胁对中国加征关税而延迟发货，最近几周出现了短缺情况，但这一威胁并未实现。</p>
</div><p>For instance, a popular rolling tree stand had been sold out for a month, he said.</p>
<div class="lb-trans"><p>例如，一款受欢迎的滚动树架已经售罄一个月了，他说。</p>
</div><p>&#34;People like to buy those in October and November, to put up their tree in December,&#34; he said. &#34;And we didn't have them here because they were sitting there in limbo waiting for a decision on tariffs.&#34;</p>
<div class="lb-trans"><p>他说：“人们喜欢在十月和十一月购买这些，以便在十二月装饰他们的圣诞树。” “而我们这里没有这些，因为它们在等待关税决定的过程中被搁置。”</p>
</div><p>Other smaller businesses that didn't express outright anxiety are at least doing some things differently. Lisa Adams, chief revenue officer at Hazelwood, Mo.-based TeeTurtle, which makes T-shirts, toys and games, said the company had to be far more precise in how it planned promotions.</p>
<div class="lb-trans"><p>其他一些没有表现出明显焦虑的小企业至少在某些方面做出了不同的调整。位于密苏里州海兹尔伍德的 TeeTurtle 的首席营收官丽莎·亚当斯表示，该公司在促销计划上必须更加精准。</p>
</div><p>That meant leaning on higher discounts on items that weren't hit as hard by tariffs, like T-shirts, or items that were already in the U.S., she said. Newer items coming in from China had to be discounted more conservatively to make up for the higher import costs, she said.</p>
<div class="lb-trans"><p>她说，这意味着要依赖于对那些未受到关税影响的商品（如 T 恤）提供更高的折扣，或者对已经在美国的商品进行折扣。来自中国的新商品必须更加谨慎地打折，以弥补更高的进口成本。</p>
</div><p>&#34;When costs rise, it directly affects how deeply we can discountduring major shopping windows like Black Friday,&#34; she said.</p>
<div class="lb-trans"><p>她说：“当成本上升时，这直接影响我们在黑色星期五等重大购物窗口期间的折扣力度。”</p>
</div><p>Quaid Walker, the chief executive and co-founder of Los Angeles-based Bezel, an online marketplace for luxury watches, said that as tariffs leave costs, watch prices and availability in flux - and raise the risk of confusion or canceled sales as sellers try to manage it all - he'd tried to staff up more to help connect buyers with the right sellers to complete transactions.</p>
<div class="lb-trans"><p>洛杉矶的 Bezel 首席执行官兼联合创始人夸德·沃克表示，随着关税导致成本、手表价格和供应的不稳定，并增加了卖家在管理这一切时可能出现的混淆或取消销售的风险，他试图增加员工数量，以帮助买家与合适的卖家联系以完成交易。</p>
</div><p>&#34;I've just staffed up our team to make sure that we're not just prepared for the massive increase in volume in the holidays, but we're also prepared for maybe doing more hand-holding than ever in the holidays to get salesover the line,&#34; he said.</p>
<div class="lb-trans"><p>他说：“我刚刚增加了我们的团队，以确保我们不仅为假期期间交易量的巨大增加做好准备，还为假期期间可能需要更多的手把手指导做好准备，以确保销售顺利完成。”</p>
</div><p>Some smaller businesses that felt upbeat about the state of consumer demand still had questions.</p>
<div class="lb-trans"><p>一些对消费者需求状态感到乐观的小企业仍然有疑问。</p>
</div><p>&#34;Not to brag, but we've been doing real well,&#34; said Arin Schultz, chief growth officer of Naturepedic, which makes mattresses and bedding and is based in Chagrin Falls, Ohio. &#34;But I would imagine after [the] first quarter next year, after Black Friday ends, there's a lot of uncertainty if those tariffs are still there.&#34;</p>
<div class="lb-trans"><p>自然床垫公司的首席增长官阿林·舒尔茨说：“不想自夸，但我们做得很好。” 该公司生产床垫和床上用品，总部位于俄亥俄州查格林瀑布。“但我想象在明年第一季度，黑色星期五结束后，如果那些关税仍然存在，情况会有很多不确定性。”</p>
</div><p>&#34;What is the first half of 2026 going to look like?&#34; he said. &#34;Are people going to just spend like drunken sailors for this holiday season, and then next year it's like, 'Well, we did all our shopping then. We're just going to wait?'&#34;</p>
<div class="lb-trans"><p>他说：“2026 年上半年会是什么样子？人们会在这个假期季节像喝醉的水手一样消费，然后明年就会说，‘好吧，我们那时已经购物了。我们就等着吧？’”</p>
</div><p>-Bill Peters</p>
<div class="lb-trans"><p>-比尔·彼得斯</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-28-25 1154ET</p>
<div class="lb-trans"><p>11-28-25 1154ET</p>
</div>

Big retailers project calm and confidence this holiday season, while smaller businesses scramble

- 小企业在黑色星期五前面临更大压力，销售下降 50%。  
- 大型零售商对假日销售持乐观态度，预计销售将突破 1 万亿美元。  
- 关税影响了小企业的库存和定价策略，导致不确定性加剧。

在这个假日季节，大型零售商展现出冷静和信心，而小型企业则显得手忙脚乱