Promoting early holiday shopping is one way retailers are trying to adapt to the down economy, according to an expert at the Wisconsin School of Business. “This week there are many, many firms both online and in the brick and mortar stores saying ‘come on out.” says Deborah Mitchell, Executive Fellow, Center for Brand and Product Management at UW-Madison. Many of these promotions would traditionally begin the day after Thanksgiving.
Mitchell says companies are even using the term “black friday” with their customers which was traditionally a term among industry insiders meaning for the heaviest day of sales allowing a company to get into-the-black, from-the-red.
Mom-and-pop stores in Wisconsin have added challenges, according to Mitchell, such as the minimum mark up law, which requires companies to hike their prices a certain percentage above wholesale. However she says the “conscious consumption” of buying local, along with goods, service and relationships not seen with big box stores could give Wisconsin retailers an advantage.