Black Friday in the UK, is a welcome boost to sales in the retail sector at a time of year when sales are historically low before the Christmas rush.
When I was in business in the service sector, my sales relied on competitive offers to attract customers in the slow pre Christmas months. In this respect Black Friday is not a new concept just a clever marketing ploy.
In short, retailers buy in bulk at a cheaper price and and sell for one day to attract consumer spending thus boosting profits and sales in a quiet time. Exactly the same happens post Christmas and this has become an expected cycle we have seen over generations.
“Black Friday” in our area was reported as “Mayhem free” and that the multinationals had planned this sales day for months. It was also reported that more festive shoppers are visiting our city than before due to various initiatives by local businesses and free parking. I was in Bare on small business Saturday where I saw ,what the business community can do to boost sales by organising a festival. Good business’s do what they always have done...plan!
Whilst I accept that online shopping has now claimed a big sector of our market, this form of sales can only apply to retail goods sales and not service sector sales that rely on the individual’s talents.
The economy has never seen so many businesses start up and flourish since 2010. That is largely due to Government making it easier for entrepreneurs to trade, and in my role as the Government’s self employment Tsar I am tasked with coming up with even more ways to help.
It is a testament to the entrepreneurial spirit in the UK that in the face of austerity we do better than most countries.
Napoleon famously said that “England is a nation of shopkeepers”. 200 years on he is still right. Our shopkeepers and entrepreneurs plan for the future to ride recessions and are the powerhouse of our economy, and one of the strongest in the world.