Economist: Extended Black Friday Remains Crucial for Retailers
An Indiana economics expert says the extended Black Friday weekend remains a crucial time for retailers.
Dr. Matt Will at the University of Indianapolis says the holiday shopping season accounts for upwards of 40% of retailers' total annual sales. On the downside for retailers, Will says consumers have become very sophisticated and technology-driven and aren't as easy to sell to as in the past.
Will says smaller retailers have a tougher time on Black Friday. He says they rely even more heavily on Black Friday sales this time of year, but are at a disadvantage because they don't get the same manufacturer discounts as big box retailers.
With online sales predicted to jump 14% this year, Will says the internet continues to eat threaten big box retailers. However, Will says Cyber Monday isn't as big a deal because people shop via internet year round.