Walmart came in a distant 18th, close to the bottom of the list.
As Black Friday nears — the day after Thanksgiving when holiday shopping is busiest — shoppers may be overwhelmed with the experience and wondering where they should spend their time. However, personal finance site WalletHub has compiled a listing of retailers where you can find the best deals.
According to Forbes, WalletHub surveyed 5,525 Black Friday ads from the 22 biggest U.S. retailers, including Walmart, Kmart, and Sears. WalletHub calculated the average discount offered by the retailers on Black Friday based on the standard price for each item — this allows them to highlight stores that discount more expensive products like electronics or jewelry.
JC Penney and Macy’s are offering the best deals, at an average discount of 65.44 percent and 53.52 percent respectively, while Rite Aid, a pharmacy chain, comes in just behind Macy’s at 53.34 percent. Rounding out the top five were grocery store chain Meijer — 50.85 percent — and Sears — 50.19 percent. Other retailers with notable discounts of between 38 and 47 percent include Walgreens, Office Depot and OfficeMax, Ace Hardware, Kohl’s, and Staples.
Walmart came in a distant 18th, close to the bottom of the list, with just 32.16 percent in average savings. The average was 39 percent for all the retailers.
Costco only discounted their products by 21.14 percent. And Best Buy also failed to crack the top 10 retailers. Instead, consumers looking for computers and phones would probably be better served going to Office Depot and OfficeMax, followed by Staples. Consumer electronics, meanwhile, are available at big discounters like Macy’s, Staples, and Radio Shack, along with Kohl’s.
Kmart was listed as the top spot for jewelry with an average 78.75 percent discount on their gems, and Sears was the top of the heap for apparel and accessories at a 70 percent discount.
WalletHub was not able to get data on other retail chains, such as online company Amazon, which did not provide the requested info, and thus their deals could not be included in calculations. Apple, Home Depot, IKEA, and Lowe’s also failed to provide the necessary information.
Black Friday is the Friday following Thanksgiving Day in the United States. It gets its name from the fact that retailers don’t become profitable for the year — or go “into the black” — until this time period. The holiday shopping season is critical for retailers who hope to become profitable. In an attempt to jump-start this season, retailers offer huge discounts, prompting consumers to line up outside stores in the early morning hours after Thanksgiving in order to grab the best deals — a mad rush that can sometimes lead to violent or chaotic results.
In the past, retailers had opened as early as 6:00 a.m., but in recent years the opening time has begun even earlier — sometimes as early as 4:00 a.m. in some cases. In 2011, retailers including Target and Best Buy opened at midnight for the first time ever, although the move caused some workers to call for a walkout.
WalletHub describes its goal as to provide consumers with the tools to make sound financial decisions, particularly in comparing and reviewing products, sharing and learning with other consumers and personal finance experts, and providing customizable financial news.
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