Traditionally, the Friday after Thanksgiving has been a very important day for physical retail stores here in the United States. “Black Friday” is a day many retailers have counted on for especially high consumer traffic and strong sales. But, may this be starting to change?
Last Black Friday and the days around it still saw lots of shoppers take to stores. National Retail Federation statistics indicate that nearly 100 million people reportedly went out shopping over Thanksgiving weekend in 2016.
However, this was down from the total from the previous year. Specifically, it was around 3 million lower. Some expect this trend of falling numbers of people going out to stores during Thanksgiving weekend will continue moving forward.
Why might Black Friday be starting to draw fewer consumers to stores than it used to? Among the things an analyst with Nasdaq Advisory Services recently cited as possibly contributing to this include:
- Increased online holiday shopping.
- Shoppers getting accustomed to getting big deals at other times of the year.
- Retailer responses to the challenges the retail sector has seen in recent years.
So, there is the possibility that some retailers might be seeing less in the way of consumer traffic and in-store sales in upcoming Black Fridays than they have come to expect. When things don’t go the way a retailer expects when it comes to sales, how it responds can have big impacts. If Black Friday does in fact start to fade as an important shopping day, one wonders what adjustments retail stores throughout the country will make to this.
What do you think this year’s Black Friday and future ones will hold for retailers here in California?
Sales not going the way they had envisioned is far from the only unexpected thing that can arise for an owner of a retail business. Sometimes, unexpected events, such as disasters, disputes or a big charge in the market they are in, raise new important legal matters for a retailer. When this happens, making sure these matters are addressed in an appropriate fashion can be critical in a business owner’s efforts to help their retail business successfully weather the unexpected event. Business lawyers can help owners of retail businesses with navigating legal issues related to unexpected events.
Source: Business Insider, “Black Friday is about to become a victim of the retail apocalypse,” Kate Taylor, Oct. 11, 2017