Black Friday Sales Reach New Heights with Sales Approaching $11B

Black Friday Sales have once again crossed into uncharted territory with new sales figures of $10.8B, an increase of 10% from last year. Most notably, roughly 55% of these sales, around $5.9B, came directly from mobile devices, which was also an increase of over 12% compared to last year.

Additionally, Cyber Monday produced record sales results as well with sales over $13B, an increase of 6.1%. According to USA Today, the total online sales from Thanksgiving, Black Friday, and Cyber Monday will total $40.6B, an increase of 7% compared to last year.

While this is great for online retailers nationwide, what does this mean for in-person shopping?

Surprisingly, data from the National Retail Federation, in-person sales slightly outpaced online sales with 81.7 million shoppers hitting the stores on Black Friday. This number was up 76.2 million last year and was the highest number of in-person shoppers since the pandemic. Additionally, of the 197M shoppers that shopped during Black Friday weekend, 126 million shopped in person.

So, what does this mean for landlords throughout the country?

While the shopping mall might not be making a comeback soon, big box retailers in power centers or large shopping centers continue to maintain their presence for the average in-person consumer on the days that matter the most. This also means that big box retailers may now be looking to double down on existing locations by renewing their leases and looking for new sites in high-growth markets nationwide.

If you are a landlord who’s looking to lease up any vacancies in any of your centers in the Tampa Bay Area and want to know how I can help with your real estate needs, feel free to reach out to Zachary Ellis at 813-493-3437 or zellis@lqcre.com.

Source: https://nrf.com/media-center/press-releases/197-million-consumers-shop-over-thanksgiving-holiday-weekend