Electronics reign supreme

Craig Johnson believes that "despite the media hype surrounding Black Friday, the weekend is critical to the holiday season only for one major merchandise category -- consumer electronics -- which will see some 20% of Christmas sales over the three-day weekend,".

As expected, flat-panel televisions and other electronics were the most popular purchases last weekend.

Initial reports show 25% of overall shoppers who purchased a TV buy it at a Best Buy. This compares to half of overall TV buyers purchasing their TV at Wal-Mart. This shows a big win for Best Buy, given that the chain has far fewer stores than Wal-Mart.

Craig also notes that Best Buy proved strong in the home appliances category, a sector starting to show signs of a recovery.