e-retailers win out on Black Friday

WASHINGTON  — Retail sales in the U.S. dropped 11% on Black Friday, with consumers taking advantage of early online sales, the Toronto Star reports. According to the (U.S.) National Retail Federation, consumer spending dropped on the American Thanksgiving weekend for the second year in a row, falling from $57.4 billion last year to $50.9 billion. David Soberman of the University of Toronto’s Rotman School of Management explained to the Star that as e-retailers seek to hold their ground against deep discounts in brick and mortar stores, their extended sales diminish the one-day effect of Black Friday.