Thanksgiving won’t launch Black Friday shopping at some of the biggest retailers
Share Now on:
There are Thanksgiving traditions — and then there are Thanksgiving traditions, like camping out in front of big-box stores and waiting hours for the doors to open. Then comes the chaos, as shoppers climb over one another to get to big-screen TVs and other bargains.
But that’s unlikely to be the scene this year at some of the nation’s biggest retailers. Walmart, Target and Best Buy have announced that they won’t be jump-starting the “official” Black Friday weekend by opening stores on Thanksgiving.
“When all is said and done, creating crowds in the age of COVID-19 is a really bad idea,” said Mark Cohen, who directs the retail studies program at Columbia Business School.
It’s an easy way for stores to give their employees the day off. Plus, there’s not much to lose. Store traffic on Thanksgiving is just a small part of Black Friday weekend. And holiday sales are starting earlier and earlier each year. The pandemic has already pushed retailers into offering deep discounts. “It’s kind of a ritual that doesn’t have as much economic value as it once had,” Cohen said.
Still, rituals are important.
“It is a day that is very ceremonial,” said Sucharita Kodali, a retail analyst at Forrester. “It marks the beginning of the holiday season psychologically for a lot of people.”
And more of them have already been marking it online because of deeper discounts, better financing and free shipping. On Black Friday last year, 10 million more people shopped online than in stores, according to the National Retail Federation.
But Kodali isn’t so sure retailers will go as far as canceling Black Friday altogether. Even in a pandemic, stores like Target and Walmart can’t afford to take the weekend off. And for nonessential retailers, the weekend may be even more important. “The challenge is that some of the largest retailers, particularly in the apparel space and the department store space, are down so terribly they need Q4.”
COVID-19 Economy FAQs
With a slow vaccine rollout so far, how has the government changed its approach?
On Tuesday, Jan. 12, Health and Human Services Secretary Alex Azar announced changes to how the federal government is distributing vaccine doses. The CDC has expanded coronavirus vaccine eligibility to everyone 65 and older, along with people with conditions that might raise their risks of complications from COVID-19. The new approach also looks to reward those states that are the most efficient by giving them more doses, but critics say that won’t address underlying problems some states are having with vaccine rollout.
What kind of help can small businesses get right now?
A new round of Paycheck Protection Program loans recently became available for pandemic-ravaged businesses. These loans don’t have to be paid back if rules are met. Right now, loans are open for first-time applicants. And the application has to go through community banking organizations — no big banks, for now, at least. This rollout is designed to help business owners who couldn’t get a PPP loan before.
What does the hiring situation in the U.S. look like as we enter the new year?
New data on job openings and postings provide a glimpse of what to expect in the job market in the coming weeks and months. This time of year typically sees a spike in hiring and job-search activity, says Jill Chapman with Insperity, a recruiting services firm. But that kind of optimistic planning for the future isn’t really the vibe these days. Job postings have been lagging on the job search site Indeed. Listings were down about 11% in December compared to a year earlier.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.