The day has become known in the industry as Black Friday because it is traditionally when retailers begin to replace the red ink of losses in their ledgers with black ink of profits.

There's probably not an economist in the country who would support a business model based on using five weeks of profit to support 47 weeks of cumulative losses, but that's pretty much the strategy employed by most retailers.

The early returns from Nov. 23, Black Friday 2007, are mixed.

Retail stocks from industry leaders such as Macy's and Urban Outfitters fell Monday, but the National Retail Federation's annual weekend shopping survey indicated there were more people in the stores on Black Friday this year than in 2006.

The survey, conducted by BIGresearch, shows more than 147 million people went shopping Nov. 23, an increase of 4.8 percent over last year. Although there were more people in stores, the survey, which has a margin of error of plus or minus 1.5 percent, also indicated they bought cheaper stuff.

Shoppers spent an average of $347.44, which is down 3.5 percent from last year.

"While last year showed a greater emphasis on high-definition televisions, this year consumers were focused on lower-priced door busters, like digital photo frames, laptops and cashmere sweaters," federation President and Chief Executive Tracy Mullin said in a statement.

Although Black Friday weekend was a complete success for many retailers, the results of the holiday season won't be determined until the last two weeks of December.

Locally, holiday shoppers fall into two major categories, residents and tourists.

For the most part, tourists shop on the Strip and locals shop at strip centers, enclosed malls and outlet stores.

The exception is Fashion Show mall on the Strip, which usually has a mix of about 60 percent tourist and 40 percent locals throughout the year. But during the holiday shopping season, company officials say, those percentages are reversed.

General Growth Properties, the Chicago-based retail giant, has Las Vegas properties that cater to just about every local shopping demographic.

It operates the Fashion Show and the Grand Canal Shoppes at the Venetian on the Strip, as well as the Meadows mall at Valley View Boulevard and U.S. 95 and the Boulevard mall on Maryland Parkway.

The different marketing strategies employed at each property can be summed up by how they employ that most recognizable of all holiday icons, Santa Claus.

The Meadows features a Pet Night With Santa, at which people can bring their dogs or cats to have a photo taken with the big guy.

The Santa Claus at the Boulevard mall is bilingual to accommodate the many Spanish-speaking children in the Las Vegas Valley and that neighborhood in particular.

There is also a Breakfast With Santa for children between 2 and 10 years old.

Because the Fashion Show caters to locals and tourists, it has a Believe in the Magic holiday show, which has the feel of a Strip production, as well as a Pet Night With Santa. There are cameos by various Strip celebrities, such as Lance Burton, as well as the self-proclaimed No. 1 cheerleader for Las Vegas, Mayor Oscar Goodman.

The Fashion Show Santa arrived a week later (on Nov. 24) than the other General Growth Santas in Las Vegas.

Since the Grand Canal Shoppes cater almost exclusively to tourists and don't get the same bump in sales at Christmas as other properties, Santa Claus is not a regular visitor at that property. As with most Strip retail properties, nonholiday sales at the Grand Canal Shoppes dwarf those of other retail venues, so it's not unusual that there is not a big holiday increase.

In recent years, Black Friday has been followed up by Cyber Monday, which is the Monday after Thanksgiving. Shoppers who either eschew traditional brick-and-mortar stores or couldn't find what they needed are increasingly going online for purchases.

As retailers have refined this method of sales, consumer confidence in ordering online has increased and click-and-mortar shopping has increased every year.

BIGresearch estimates more than 72 million Americans shopped online on Cyber Monday this year, an increase of 17.3 percent over last year.

As a result, online retailers had their own version of early bird specials with one-day promotions geared specifically toward Cyber Monday shoppers. Shop.org has a cybermonday.com Web site that compiles the best online deals and promotions from more than 550 retailers.

"Knowing that consumers would be challenged by the current economic environment, retailers hoped that higher traffic would offset lower individual spending, which it did," said Phil Rist, vice president of strategy for BIGresearch. "With consumers expecting retailers to be more promotional on Cyber Monday, the holiday season is off to a good start."

Whether a good start translates to a successful holiday season for retailers can be tough to predict. Experts say holiday shopping habits can be influenced by everything from a flurry of high demand, well-marketed gift items, the economy or even the weather.