Macy’s and JC Penney’s Ranks as Best for Black Friday
While some companies are set to disappoint discount shoppers on Black Friday, Macy’s and JC Penney’s are ranked to be the best. Black Friday is just around the corner and to save money, consumers look for retailers that will offer the best discounted merchandise.
WalletHub surveyed more than 5,520 advertisements for Black Friday from 22 of the largest US retailers such as Kmart, Walmart, Sears, and many others, calculating the average discount offered based on the standard price for each. With this, analysts had the ability to determine the stores that would offer the best discounts on higher dollar items to include jewelry and electronics.
At the top of the list were Macy’s and JC Penney’s, providing shoppers with an average discount of 53.52% and 65.44% respectively. Following close behind Macy’s at 53.34% was Rite Aid. Others near the top of WalletHub’s list include Meijer grocery store chain with 50.85% and Sears at 50.19%. While not exceptional, retailers like Walgreens, OfficeMax, Ace Hardware, Office Depot, Staples, and Kohl’s received above average ratings.
Falling in 18th place was Walmart with only 32.16% for average savings. Among all retailers analyzed by WalletHub, the average savings was 39%. Falling way down on the list was Costco with only 21.14% and worst of all was Best Buy that did not even make the top ten retailers.
It appears that this year, consumers are more focused on buying phones and computers than other items. In addition, electronics is set to be a big seller this Black Friday, which is why so many of the others like Radio Shack and Staples ranked relatively high.
For people interested in purchasing jewelry, Kmart was number one with an average of 78.75% savings and sears rated an impressive 70% specific to apparel and accessories.
Other retailers to include IKEA, Apple, Amazon, and Lowe’s, among others, were not included the WalletHub’s analysis because data was not available or not provided when requested.
Black Friday is the biggest shopping day of the year in the United States, falling on the day after Thanksgiving. The name refers to retailers that do not make profit within a given year, thereby going into the “black”. However, Black Friday is actually a critical day for retailers who hope to boost profits by offering tremendous discounts.
Black Friday is also the day used by retailers to jump start the New Year. Retailers, hope that by offering huge discounts, consumers will be encouraged to spend more money by being attracted to deals on additional items.
It is common for shoppers to get in line outside stores before sunup in an effort to be the first to get hold of high demand items. For many years, retailers opened their doors as early as 6:00 am but with Black Friday being such a significant day for shoppers and retailers alike, it has become increasingly common to find doors opening at 4:00 am. In fact, in 2011, Best Buy and Target were among several retailers that opened for business at midnight.
The purpose of WalletHub’s compiled list is to provide shoppers with information needed to make smart financial decisions. By reviewing and comparing products and prices, consumers are more likely to get the items wanted but at a nice discount.
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