Hello Black Friday, Goodbye Money

The name originated in Philadelphia, where it was originally used to describe the heavy pedestrian and vehicle traffic which would occur on the day after Thanksgiving. Later an alternative explanation began to be offered: that "Black Friday" indicates the point at which retailers begin to turn a profit, or are "in the black". We know why I call it Black Friday: it is named for my mood as I watch my family spending my hard earned money at the sales. 

 

For many years, it was common for retailers holding sales to open at 6:00, but lately many had crept to 5:00 or even 4:00. This was taken to a new extreme in 2011, when several retailers, including Target, Kohls, Macy’s, Best Buy, and Bealls, will open at midnight for the first time, forcing employees to either go without enough sleep or miss all or part of Thanksgiving with family. Walmart will open at 10:00 on Thanksgiving night and Toys ‘R’ Us at 9:00. In 2010, Sears was open on Thanksgiving Day.

 

Walmart stores nationwide will host a sale, Super Saturday, which will offer some Black-Friday-style deals. The event starts Nov. 5 at 11 a.m. and will go on while supplies last or until midnight Saturday.

 

According to the retail industry trade group, the National Retail Federation, today’s consumer has high expectations. They already expect retailers to offer low prices and strong promotions, but they also want to know what they’re getting on top of that. The Christmas Price Guarantee speaks to other consumers who want a great deal, and are concerned about when they should time their purchases to get it. With this guarantee, shoppers know that if they see an item they purchased advertised for less at another store between Nov. 1 and Dec. 25, Walmart will refund the difference in the form of a Walmart gift card.

 

A sample of Walmart’s electronics deals for its Super Saturday promotion include a Nook Color e-reader, that will be priced at $199. It was selling for $249, Walmart said. An Xbox 360 250 gigabyte console with Kinect is priced at $399, plus you get a $50 Walmart gift card. A Sanyo 42-inch LCD TV will be selling for $398, down from $448.

 

So at the end of the day, shoppers have a lot of offers to consider, and many are taking the time to do just that. The NRF said that in times of economic uncertainty consumers are willing to devote the time to find the "best" deal and they will shop all over the place, cherry picking the best deals. People also aren’t discriminating. They will buy toys at a grocery store or stocking stuffers at a wholesale club, the NRF said.

And that explains all the activity, and also the early start times that many retailers are planning for the Black Friday madness. Kohl’s, Macy’s and Target are all planning to open at midnight on the day after Thanksgiving, which is traditionally one of the busiest shopping days of the year.