Home Depot Inc (NYSE:HD) Will Black Friday Sales For Two Months Beginning Early November
Home Depot Inc (NYSE:HD) will offer deep discounts for Black Friday. This year it will offer the Black Friday sales for two months and just a single day.
The retailer will commence black Friday sales in early November and lasts through December 2020. Home Depot decided to open its discount sale early this year to reduce stress on consumers. Its decision is also on the backdrop of implementing safety measures to prevent the spread of coronavirus.
Deep discounts for both in-store and online sales
Home Depot decided to offer deals for both online and in-store sales. The mobile app users of Home Depot will get early access to its sales to enjoy deep discounts on various products. By spreading the sales over two months, the retailer intends to prevent crowding in its stores because of ongoing coronavirus.
Shops will be shut on Thanksgiving Day
Home Depot will shut down its stores on Thursday, which is immediately before 4th Friday in November 2020. It is the first time in 30 years that Walmart Inc (NYSE:WMT) close down its stores on Thanksgiving Day.
Black Friday loses its relevance
Many observers in the industry feel that black Friday is losing its significance in the recent period. One reason could be that retailers are spreading their deals for several days instead of a single day. Also, shoppers are turning to the Internet to find lucrative deals compared to in-store bargains. It is forcing retailers to go online to offer products.
MD of Global Data Retail, Neil Saunders said Black Friday in now transformed into a digital affair in the last 5 years. Therefore, deals are not confined to a single day but spread over several days in November and December. The nation expects a second wave of coronavirus and would curtail the black Friday sales this year.
Retailers report brisk sales online
Several retailers in the US are reporting record sales this year because of ongoing coronavirus. BestBuy reported a growth of 242% in its online sales in Q2 2020. Many shoppers purchased equipment and electronics for their home office from BestBuy to work during the COVID-19 pandemic.
Sucharita Kodali, an analyst at Forrester said retailers may see a drop in sales next year. She said everyone operates in an environment where social distancing is paramount.