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The history of Black Friday
ABlack Friday marks the unoffi
cial start of the holiday shopping
season. Come Black Friday,
shoppers strive to get the lowest prices
on gifts for their loved ones.
Much of the focus of Black Friday is
on fi nding the best deals, but it can be
interesting to take a breath and learn
how this phenomenon developed and
how it has evolved over the years.
“Black Friday”
The term “black Friday” was originally
associated with gold prices and
manipulation on the part of speculators
Jay Gould and James Fisk. This scandal
occurred in September 1869. Commodity
prices plummeted 50 percent as
a result, and the term “black Friday”
was coined to refer to that drop.
The phrase “black Friday” also became
famous for all the wrong reasons
in 1966. Philadelphia police used it to
refer to the Friday traffi c jams and
crowding in downtown stores from
tourists and shoppers who fl ooded
into the city in advance of the Army-
Navy football game held the Saturday
after Thanksgiving each year. Bigger
crowds and rowdiness contributed to
long hours and stressful shifts for local
police.
Black Friday reinvented
The retail industry started using
the term “Black Friday” in the late
1980s. Spin doctors turned previously
negative connotations into positive
ones by associating the phrase with
stores turning a profi t and moving accounting
ledgers from “red to black”
thanks to big year-end sales. Retailers
and consumers rallied around
low-cost “doorbusters” and other discounted
prices.
Interestingly enough, according to
the National Retail Federation, Black
Friday really hasn’t been the most lucrative
day for retailers over the years.
In fact, greater profi ts and larger
crowds are often seen on the last Saturday
preceeding Christmas.
Shopping weekend evolves
While Black Friday may have been
the catalyst, in recent years shoppers
have made the entire weekend of Black
Friday a lucrative one for retailers.
Many stores now open on Thanksgiving
and extend sales through the entire
weekend. Small Business Saturday
and Sunday promote patronizing
mom-and-pop stores. Cyber Monday
emerged when online shopping became
a popular way to grab deals, and
it marks the close of the opening weekend
of the holiday shopping season. In
2017, Black Friday weekend attracted
174 million shoppers who spent an average
of $335.47, according to the NRF.
— Metro Creative Connection
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