WATERLOO - Retailers rolled out the red carpet for Black Friday.

In the midst of an economic slowdown and talk of a consumer-led recession, stores attempted to one-up each other by slashing prices in the hope of jump-starting spending at the traditional beginning of the holiday shopping season.

"We're having deep, deep cuts," said Howard Underwood, manager of Dillard's at Crossroads Mall. "We're working to get our share."

Customers were competing too - to be first in line to take advantage of the deals. Kohl's, Younkers and J.C. Penney opened their doors at 4 a.m. to shivering shoppers.

"I'm going in for one thing, and then I'm coming right out," said Amanda Smith, who lined up outside Best Buy before it opened at 5 a.m.

Smith declined to say what she came for. She was last in line at 4:45 a.m., though, and unsure if her target would still be on the shelf.

Eric Warnell, general manager of Best Buy, gave a pep talk to staff members before opening the doors.

"This is when we show everybody what we're good at," he said.

All people in the line were through the doors in the first 10 minutes.

"We've been doing this long enough that we have it down to a science," Warnell said.

First in line was Christena Sommerlot of Dunkerton. She secured the spot by arriving at noon Thanksgiving Day to save about $300 on a laptop computer. Sommerlot and other early shoppers literally camped outside the store.

"I consider us more crazy than anything," Sommerlot said, adding the adventure would be the first and last time she would camp outside a store before black Friday.

Terry Titus, who arrived outside Best Buy at about 3 p.m. Thursday, said he didn't consider Sommerlot or himself crazy.

"It's like getting $300 for one night," he said. "And you're not even working."

Such deals are the key to luring customers, said Dave Fisher, manager of Target in Waterloo. Tradition does the rest, he added.

"For some of our guests it's just a fun day for them," he said. "Some really get a thrill being the first one in the door."

"It's way exhilarating," said David McCready, who was near the front of the line outside Target. "Basically you've got to run or get out of the way."

McCready wasn't planning to buy anything. He was waiting with friends and family.

Michael Evans of Ankeny was first in line at Target and described a community spirit.

"You get to meet fun people. It's not just about getting a good deal," he said.

"It looks like a party," said John Gallu, store manager at J.C. Penney. "I think it's more of an event nowadays."

The Friday after Thanksgiving originally became known as Black Friday because it was the traditional day most retailers operated in the black, or made a profit, for the year. Though not a holiday, many people take the day off, and it has become the busiest shopping day of the year by volume of customers.

As consumer spending slumps, retailers hope this black Friday jump-starts a sluggish season.

"It's a huge day," Gallu said. "I've got a lot riding on it. I'm sure a lot of retailers have a lot riding on it."

While shoppers like Sommerlot were in line early for the deals and the fun, Gallu said he expects retailers to also work at luring casual shoppers who were sleeping when the doors opened today.

"I think your probably going to see some deeper discounts," he said.

Contact John Molseed at (319) 291-1418 or john.molseed@wcfcourier.com.