Black Friday In Canada: Canadian Stores Will Hold Sales To Compete With American Retailers
The Canadian Press
TORONTO - The Canadian holiday shopping season is looking decidedly more American this year as retailers schedule a rush of Black Friday events in hopes that consumers will shop at home, rather than head south of the border.
Whether its extended hours at some of the country's busiest malls or door crasher events and heavy markdowns, most big name retailers have hopped on the Black Friday bandwagon with the fanfare once reserved for the Boxing Day holiday.
Black Friday is timed to the U.S. Thanksgiving holiday, and has become a tradition for many families who gather for dinner, then wake up early the next morning to take advantage of deep discounts.
The day serves to kick off the holiday shopping season — the time when retailers turn a profit, or go "into the black" — and is widely considered the busiest shopping day of the year.
It may just be a random November day for Canadians, but shoppers north of the border are increasingly buying into Black Friday, and the Monday after, which has come to be known as Cyber Monday because it's when online retailers tend to hold their sales.
A CIBC (TSX:CM) poll conducted by Harris/Decima being released Monday suggests nearly one-in- ten of the 1,000 Canadian survey respondents plans on making a purchase during the Black Friday and Cyber Monday sales period — suggesting that millions of Canadians will be shopping for holiday deals this weekend.
Many Canadian retailers have jumped on the trend as a new way to angle a promotion, says Mark Satov, founder of management consulting firm Satov Consultants Inc.