I believe we should forget Back Friday. I’ve never understood it. It has never been an advantage. The only thing that it ever did was pull sales forward and initiate buying earlier. For Canadian businesses it only made sense when retailers had to contend with an almost at par Canadian dollar. Canadians really don’t break the piggy bank to buy that much more.
Two days after Black Friday it’s Cyber Monday, well guess what now you have a physical sales event that has been overtaken by online.
Sure we can argue that trapped in our homes we might treat ourselves to something bigger. But this isn’t all Canadians. And some of this stuff is made up to get consumers to buy.
Look around you physical retailers are either closed or barely making ends meet. Sure you can argue that post Covid things will be back to normal. I call BS on that another thing made up by the desperate. No one knows what retail will look like post covid, anymore than they know that the retail apocalypse has abated. And it hasn’t!
Retailers and malls adopted black Friday because international competitors introduced it in Canada. It was a desperation event to grab sales from competitors. Everyone had to follow suit. But U.S. retailers are leaving and it is time that we make Canadian retail unique again.
Forget Black Friday Come Up With Something Better
But you don’t have to believe me. Post Covid is a continuation of 2019 store closures, that event has not abated. Wait for it in the news, come the first quarter 2021. We have another 12-18 months of the pandemic consumer pullback, if we are lucky. Larger retailers Walmart, Costco, Home Depot, Loblaws are all the benefactors of the pandemic. Small and Midsized retailers should forget Black Friday and come up with their own events.
George Minakakis is the CEO of Inception Retail Group and the author The Great Transition The Emergence of Unconventional Leadership