The Friday after Thanksgiving is traditionally one of the biggest shopping days of the year. Black Friday is viewed as the start of the holiday shopping season, a time when U.S. retailers rake in a significant portion of the year’s profits.
Many stores offer deep discounts to attract customers, and shoppers often line up early for a chance to grab a great deal before supplies run out.
“I think it is a very good sales gimmick,” says James E. Schrager, professor of entrepreneurship and strategy at the University of Chicago Booth School of Business. “And what’s been happening for a few decades now is that retailers are very worried about when they get the customer into their store for this huge seasonal buying season. And they know it comes and goes very quickly ... so this is a very good idea, so that they make sure they get their time — that is, the customer's time — in their store to show off what they have.”
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