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Black Friday has arrived north of the border

 

Black Friday has arrived north of the border

 

November 29, 2013. Rohit Malik, CMA

 

So it’s the day after American Thanksgiving better known as Black Friday. Up until 2012 hardly any retailers north of the border took part in Black Friday sales. Last year with the economy still in a fragile condition we started to see select major retailers test the waters with Black Friday promotions, all in an attempt to prevent Canadian’s from shopping south of the border.

 

It appears that other retailers took notice because this year just about every major retailer in Canada put out some sort of advertising promoting Black Friday sales. Many local malls opened early to attract Black Friday shoppers. After visiting Vaughan Mills, The Promenade & Fairview mall it became quite evident that Canadians have started embracing Black Friday. I saw many shoppers carrying multiple bags and finding parking was more challenging than usual.

 

Many retailers were offering promotions with savings anywhere from 25% - 60% off selected merchandise. Some stores had lineups into the mall and were jam packed with shoppers. The crowds were far less compared to those seen on Boxing Day, but quite a bit more than your usual Friday crowd. Even though the economy has improved consumers are still cautious and are willing to wait in line to save money on their holiday shopping.

 

As the Canadian dollar has floated close to par retailers are feeling the pressure to offer better pricing. If this year was any indication I think Black Friday will continue to grow in popularity and I would not be surprised to see it become a major launching pad for the holiday shopping season here in Canada. The retail landscape continues to change with more American retailers expanding north which means more competition and continued downward pressure on prices.

 

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Rohit Malik, CMA is a Mortgage Agent with Centum Metrocapp Wealth Solutions Inc in Toronto. For any mortgage questions he can be reached at:

 

Rohit Malik

 

Mortgage Agent

 

Centum Metrocapp Wealth Solutions Inc (License # 12147) | 716 Gordon Baker Road | Unit 204 A Toronto, ON | M2H 3B4

 

Tel (Cell) 416.804.9847 | Email: rohitmalik@rogers.com

Email: rohitmalik@rogers.com | Website: www.centum.ca/rohit_malik

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