November 23, 2016
Our sincere thanks to retailers staying closed on Thanksgiving Day
By Annie Mueller
Black Friday is arguably the most important shopping day for U.S. retailers, or at least it has been. Black Friday weekend alone has accounted for 10 to 15% of total holiday sales, with sales between $50 and $60 billion in 2011, 2012, and 2013 (1).
Lately, though, Black Friday has not been quite the powerhouse that retailers would like it to be:
- "Responding to a survey polling 1,000 shoppers, 47% said that they plan to skip 2016’s Black Friday (or Cyber Monday), and 73% prefer to do their shopping outside of the holiday season during newer e-commerce deal days like Amazon Prime Day" (2).
Shoppers just aren't as keen to fight crowds for Black Friday deals, especially when many of those deals end up being repeats (3). [Read about how make the most of Black Friday and beyond.]
For brick-and-mortar retailers who are losing market share (4) to their online competitors, this is scary news. In response, many traditional retailers have sought to extend Black Friday shopping by opening earlier, on Thanksgiving evening or, for many, even on Thanksgiving morning. In 2014, many retailers tried out Thanksgiving hours (5) in order to meet consumer demand and garner a few more precious shopping hours and increased sales. Interestingly, 2014 Black Friday weekend sales fell by an alarming 11% despite the extended holiday shopping hours (6).
This year, more retailers are choosing to stay closed on Thanksgiving Day (7), allowing both employees and consumers to focus on family and save the shopping for later in the weekend. To these retailers, we at migo IQ extend our appreciation.
(Click here to see a list of retailers who are staying closed on Thanksgiving Day.)
It's difficult to make decisions for your brand that might, potentially, cause you to lose potential profits that are ever more important.
However, in the long-term view, we believe it's a smarter and better move - for brands, for employees, and for shoppers - to keep Thanksgiving Day for family, friends, feasting, and thankfulness, and to save the shopping for Black Friday.
We wish a Happy Thanksgiving full of family and food and gratitude to all, a fun-filled weekend to shoppers everywhere, and a profitable Black Friday and holiday shopping season to all retailers.
(To express our personal appreciation to brands who will be closed on Thanksgiving, we're offering an extra special version of our normal pricing incentive. Read about that right here, or get in touch to find out more.)