1. Profit. A move from red to black. See above.
2. Positioning. In America, the Thanksgiving holiday (Thursday), signaled the traditional end of Autumn retailing and the full (100%) start of Winter retailing, particularly in apparel, home decorations, outdoor decorations, and sporting goods.
3. People. The promotional element of Black Friday has and will always be designed to attract new people to the retailer, to drive attract new traffic. “Loyalty” goes out the window at Black Friday, this is an open house opportunity for people to shop around and not feel guilty about looking but not buying.
4. Purge. Often overlooked as an objective, retailers always need to work on a “one in, one out” basis. When retailers bring in the Winter merchandise they need to purge all other merchandise to make way for the new. The profitable sell out of slow moving inventory is an important objective of any big “total business” promotion, Black Friday included.
Now, taking these four objectives and applying them to four retail channels, we can see just how quickly retail is evolving with time. We can use 2015 as our five-year time comparison.
Our four retail channels are as follows: Fashion, Fun, Food, and Fast. The 4f’s of modern retail.
Let’s compare these channels from Black Friday 2015 to Black Friday 2020.