Best Buy and J.C. Penney Lead the Way Among Major Retailers for Black Friday Foot Traffic
The rich tend to get richer on Black Friday, and this year was no exception. Despite what is being considered as a slow season for brick-and-mortar stores, two of the biggest brands reigned supreme and attracted the most shoppers this past weekend.
According to the Los Angeles Times, data from consumer website Foursquare has found that electronics chain Best Buy and retailer J.C. Penney were the big winners on Black Friday when it comes to foot traffic. Foursquare collected the data through its geo-location search app that many consumers have on their smartphones.
On the day after Thanksgiving, which is regarded as the biggest shopping day of the year in the U.S., Best Buy received approximately 4.2 times more foot traffic than it typically sees on an average Friday. J.C. Penney was right on their heels, registering about 4.1 times more browsers and buyers on Black Friday.
Macy’s finished in third place with a respectable 3.8 times more foot traffic than usual, while two moderate surprises rounded out the top five list. Dick’s Sporting Goods and Sports Authority, who both saw about 3.5 times more foot traffic on Black Friday, were tied for fourth place among all major retailers.
The high foot traffic for the top three stores this year could be attributed to their strong brand visibility and well-known logos. About 17% of Best Buy’s walk-in customers entered the store because of its sign, while J.C. Penney and Macy’s are two of the most recognizable store names in the country.
While Black Friday typically accounts for as much as 40% of the annual revenue for retailers, in-store sales dropped about 2% from last year as online shopping continues to grow in popularity. According to CNN, Best Buy is looking to capitalize on this trend by extending their Cyber Monday deals through Dec. 5.
Despite a general downturn in sales among brick-and-mortar stores this year, shareholders of these big-box retailers shouldn’t have a problem buying gifts to leave under the tree. Combined sales for Thanksgiving and Black Friday still totaled about $12.1 billion this year, down from $12.3 billion in 2014.