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Competition in the retail industry
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The biggest, busiest, blackest and most bizarre sale ever… Yes, you guessed it, Black Friday! Good morning, Mrs Naidoo and class. Today I will be digging deeper into the story behind Black Friday and revealing some of its deep, dark secrets. Black Friday, in the United States, is the Friday after thanksgiving and one of the most successful days for retailers. It takes place between 23rd and 29th November, varying each year. Retailers, have for decades, adhered to an unwritten rule that advertising for the festive season, should begin on the day after Thanksgiving. During the Civil War, Abraham Lincoln declared Thanksgiving as an official holiday, it being the final Thursday in November. In 1939, the last Thursday in November fell on the 30th, …show more content…
Massive crowds of suburban shoppers and tourists piled into Center City for the big Army-Navy football game held annually on that Saturday. Cops would now have to work extremely longer shifts, having to deal with additional crowds and traffic. For Philadelphian police, who tried to direct and control the flow of traffic the day was ‘bleak’ and therefore ‘black’. It began with one traffic cop and I quote “it was the guy who directed traffic with a semaphore while standing on a small wooden platform, in the days before traffic lights.” Later on in the 1980s retailers found a way to reinvent “Black Friday” into the bargain bonanza it has now become. As a result the “red to black” concept was introduced. Black Friday referred to businesses moving from red to black, back in the days when accounting records were kept by hand. Red ink indicated a loss and black ink a …show more content…
For many years, the busiest day has been the day before Christmas. But that was until Black Friday took the lead and has maintained its position ever since. Retailers realized that they can lure big crowds to their stores by offering ridiculously-low discounts, as a result, appealing to the public’s avarice. Experts also say that bargain sales like these aim to get people to buy the discounted products along with their everyday essentials; they are therefore spending more than they usually would. However, after wasting tremendous hours in queues and a phenomenal amount of petrol in traffic, the question lies, is it really worth it? The American tradition has been warmly embraced by South Africans. A huge adoption of American retail trends are seen in South Africa today. They have been trialed and tested, proven to work and now embedded in South African minds. Dion Chang, an expert and founder of Flux Trends says and I quote “Africa has an hour glass economy – with the rich getting richer, the poor getting poorer and the middle class being squeezed – people are going for deals just to make ends meet. For big and small businesses, this is definitely an opportunity for them to join and leverage this trend for their
It is seen in everything from the hoarding of material objects to the destruction of friendships, both of which are popular themes when regarding the topic of Black Friday shopping. Black Friday has become Black Thursday, a trend which has only shown up within the last decade. The great American holiday that is Thanksgiving is celebrated because of our gratefulness toward all that we have, a holiday that is meant to be spent gathered around a table of our loved ones. However, the retail holiday that consumes the day afterward has begun to overflow into our gatherings, and it is due to the greed of the American people. Were it not for the market’s demand for earlier sales, stores would not open their sales on Thursday nights. Everyone would simply wait until early the next morning to start off on their shopping extravaganzas, and the sales themselves would likely be far less violent as
There have been many financial corruptions and scandals though out history and in 1869 one such scandal rock The United States financial institute’s foundation. The attempt to corner the gold market lead to the preverbal straw which almost broke the camel’s back. This scandal has become to be known as Black Friday, not to be confused with the Friday following Thanksgiving this Black Friday proved that without oversight of the market it could quickly become a market of the few.
Black Monday - Black monday was referred to as the biggest one day percentage drop in stock market history. This event occurred on the 19th of October in 1987, when the Dow Jones industrial Average dropped 22% in one day. It took over two years for the company to make up for their huge loss. Causes of this loss included low wages, and excessive loan amounts by
Black Friday was a day set forth initially to help the economy rise back up. Around this time of the
Thanksgiving is a time to get together with your family and have a nice dinner. Then you play games, catch up, and watch movies. Thanksgiving is the time to be grateful for what you have. But wait; now you had to start dinner earlier and cut out catching up with your family. Now it’s time to get ready to go shopping for those deals you just can’t beat. Forget about being thankful for what you have; now it’s time to buy all the things you don’t have. Has Thanksgiving been taking over by Black Friday, or should we now be calling it Black Thursday? Stores should only be able to open after 12 am on Black Friday.
However, in 1929 when stocks had soared to an all-time high, in September they plummeted. This day in history is known as Black Thursday and is remembered as the Wall Street Crash of 29. The crash hit people's interests hard. and Americans all over lost a lot of money. Banks had to spend all of the money they had on regaining the economy, and agricultural needs.
On “Black Tuesday” stock prices dropped completely. After “Black Tuesday” stock prices couldn’t get any worse or so they thought, but however prices continued to drop, the U.S. fell into the Great Depression, and by 1932 stocks were only worth about 20 percent of their value.
The black Tuesday, October 29th, 1929 has been identified as the symbol of the Great Depression. Stock holders lost 14 billion dollars on a single day trade, and more than 30 billion lose in that week, which was 10 times more than the annual budget of the Federal government.[ [documentary] 1929 Wall Street Stock Market Crash
Holidays have always been known to affect our consumer culture for many years, but how it all began eludes many people and very few studies have been completed on it. Even though some say that the subject is too broad to precisely identify how holidays, especially Christmas, directly affect our market, I have found that people’s values, expectations and rituals related to holidays can cause an excessive amount of spending among our society. Most people are unaware that over the centuries holidays have become such a profitable time of year for industries that they now starting to promote gift ideas on an average of a month and a half ahead of actual holiday dates to meet consumer demands.
There is one day that is ours. Thanksgiving Day is the one day that is purely American.
According to Business Insider, it has been estimated that Walmart gains an average revenue of 750K per week. Imagine how much money they would lose in just one day if society decided to purchase no goods. I prefer that we shouldn’t lean towards the idea of “Buy Nothing Day” because it could affect millions of people in disastrous ways. It would only benefit large companies by eliminating their local business competitors. Small businesses and family-owned establishments could be affected with no customers in a day, which can lead to a loss of revenue or possibly put them in debt. Whoever thought of this idea must be unintelligent because, in reality, people won’t likely participate due to them needing resources immediately. We have been so accustomed to consumerism that it would be nearly impossible to stop shopping for one whole day. The economy would collapse if the nation won't be making any money. It would take a long time for it to recover which can result in an unstable economy.
Charging out of the gated entrance, racing pushing and shoving. The people rush to the gathering of merchandise waiting for them with marked down prices. This behavior fits into the world of the apocalypse but the description is of the Friday every year after Thanksgiving. The best deals all year on merchandise you have to own, for gifts you have to give, in order to be any one, I mean every one will be there. Except me. News anchors are telling me that I am asking for Black Friday deals to start on Thursday, as I look around the living room in my house at six PM, I think they are wrong. I am not sure this show of financial over abundance is really all that important to me. Here are a list of deals I want on Black Friday, tuition, jobs, vacations, and innovation.
Even though black friday is open, store should not be open on thanksgiving because employees can’t spend time with their families on thanksgiving and people get hurt and there are huge crowds shoving.
Lauren's POV I am suddenly awaken from my slumber as I hear my mother's loud voice yell my name. "LAUREN MICHELLE, GET UP. YOU HAVE TO BE AT THE RESORT IN LESS THAN AN HOUR. I AM NOT GOING TO TELL YOU AGAIN."
Have you ever overpaid for something? I think we all have. Your money—practically wasted. Luckily, I can teach you how to put an end to the anguish and regret you feel when you find your wallet and your shopping bag practically empty. By taking advantage of promotions, shopping second-hand, and comparing prices, you can prevent yourself from making the mistake of blindly overpaying.