As Thanksgiving is coming up, stores are preparing for Black Friday. Black Friday is one of the best times for stores to make a ton of money. Due to their amazing sales, stores bring in so many customers that are willing to pay for more clothes at a lower price. Is this a good thing? For stores, yes, but it is a yes for customers as well.
Many stores raise a lot more money when they are doing Black Friday sales. Some stores look forward to this day and others not so much. This is because of the amount of people that come in at once and how busy everything is.
Last year in 2019 on Black Friday, the total profit from all the stores was $4.4 billion dollars. This is just from in-store purchases. The total profit for online purchases is $7.7 billion dollars. Isn’t this crazy? The normal percentage that the profits go up from is 15%. Thus meaning that the day of Black Friday stores make an additional 15% profit. I’d say that’s pretty good, wouldn’t you?
Where the Money Goes
Some stores are very generous with the profits that are made. The stores may have a certain percentage of their profit gain that goes to a charity. I know that Patagonia donates to environmental charities across the globe. This is a very cool and unique way to make Black Friday more than just getting more money. It is another way for stores to get to help others out and still make more money at the same time.
The main things that is going to hold stores back this year is the COVID-19 outbreak. We haven’t seen it yet, but stores are definitely not going to make nearly as much money that they normally do this year. Due to COVID stores have to limit people in the stores and in line to get in stores. This is going to make people antsy to get stuff or make them mad that they aren’t in the store and leave. Hopefully stores are able to get through it and make more money.