In exactly one month, Santa Claus and his trusty team of reindeer will make their annual trip around the globe.
That gives you lots of time to time to find gifts that rival old St. Nick’s. But this week may be the best time to hit your local mall: Many stores in Waterloo region are lining up deals as part of Black Friday Week.
Yes, what started as a one-day promotion in the U.S. has transformed into a week-long event that spans across North America.
Canadian retailers adopted Black Friday a few years back, hoping to boost sales and prevent shoppers from crossing the border to stock up on gifts.
But experts say most stores can’t compete with American prices.
“American retailers have lower prices to begin with, so I don’t know how [Canadian stores] can make any money putting a lot of things on sale” says Shirley Lichti, a marketing professor at Wilfrid Laurier University. “No matter how cheaply they sell things, they are never going to match the discounts that are on in the U.S.”
Despite this, it seems many Canadians are hitting the stores at home.
According to a recent survey by BMO, Black Friday is almost as big as Boxing Day here in Canada.
Nearly half of Canadians say they plan to go shopping this week and spend an average $300.
But Lichti warns some stores may not see the benefit.
“I don't know that every retailer should even be trying to do Black Friday sales,” she says.
“If you're a bookseller, margins are books are so thin to begin with. If now you slash them even further, sure you might get people in the store, but you get the butterfly customers who flit from store to store just to get a deal. Are you building any loyalty? Is it helping you in the long term?”
