Good morning. It's Thursday, Nov. 28, and welcome to this week's Business & Finance newsletter. This week, we're covering Black Friday, Sears, and Amazon in honor of the biggest shopping weekend of the year in the United States. Have feedback for us? Feel free to hit reply to let us know your thoughts!
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The story of Black Friday
The day after Thanksgiving, many retailers offer steep discounts for the American tradition of “Black Friday.” Though it’s not an official holiday, it’s still popular: US consumer spending is higher on Black Friday than on any other day of the year.
In the 1950s and ’60s, the Philadelphia police used the term “Black Friday” to describe the chaos that hit the city post-Thanksgiving for the Army-Navy football game (examples include increased traffic, crowds, and shoplifting). Some Philadelphia merchants tried calling the day “Big Friday” to remove its negative associations, but it didn’t stick.
Another two decades would pass before the retailers of the 1980s spun “Black Friday” into a positive, saying that the holiday sales would help their earnings go from in the “red” (losing money) to “black” (profiting).
On Black Friday 2024, US shoppers spent a record $10.8B on e-commerce purchases alone. In recent years, consumers have increasingly trended toward holiday shopping online rather than braving Black Friday’s famous in-person crowds.
... Read what else we learned about Black Friday here.
Also, check out ...
> The Black Friday Archive collects Black Friday ads from the past 25 years. (More)
> Nine weird Black Friday facts. (More)
> Some of the craziest Black Friday stories from shoppers and workers. (More)
> A website keeps track of Black Friday-related deaths and injuries. (More) |
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Sears, explained
Founded in 1886, Sears was once the world’s biggest retailer and America’s largest private-sector employer. The department store’s former Chicago headquarters was even the world’s tallest building until 1996. Sears also became the first major American retailer to IPO (1440 Topics) in 1906.
Before Sears and its famous Sears catalog, most people had only purchased items they could touch and feel in person before buying, and they typically bought those goods from someone they knew and trusted. The Sears catalog changed that, normalizing the consumer behavior that e-commerce giants like Amazon and eBay now thrive on.
But since its bankruptcy filing and delisting from the Nasdaq in 2018, the company has struggled financially. As of June 2025, Sears had only eight stores left in the US—down from the roughly 4,000 stores it had at its peak in 2012. Some argue that Sears’ future depends on its online store, Sears.com, as well as its appliance repair and installation business.
... Read our full Sears explainer here.
Also, check out ...
> Sears used to sell entire DIY houses in its catalog. (More)
> A reclusive billionaire ran Sears before its bankruptcy. (More)
> Explore Sears’ holiday Wish Book catalogs dating back to 1930. (More)
> Sears once tried to become a tech company. (More) |
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Amazon 101
Founded by Jeff Bezos in 1994 as an online bookseller, Amazon has since transformed into a global e-commerce and technology powerhouse—dominating retail, streaming, cloud computing, and more. The company’s long-term strategy of reinvesting earnings back into its business paved the way for rapid expansion.
One of the most highly valued companies in the world, Amazon reported roughly $575B in revenue in 2023—more than the GDP of countries like Norway ($486B) and Portugal ($287B). The company employed over 1.5 million people worldwide as of 2024—more than the entire US active-duty military force.
Amazon has had a profound impact on the global economy, including training customers to expect a near-infinite selection of goods online and to adopt one-click purchasing. Some argue that Amazon has also contributed to the decline of physical stores by changing customer expectations around delivery speed and low prices.
... Read our full write-up on Amazon here.
Also, check out ...
> Bezos' wealth primarily stems from his Amazon ownership stake. (More)
> Amazon resends its first letter to shareholders in its annual report every year. (More)
> Inside the Amazon versus Walmart rivalry. (More)
> Look behind the curtain at Amazon's fulfillment centers. (More) |
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One Story We're Taking Stock In |
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In a recent survey, 60% of adults with household incomes of at least $100K said that none of their purchases in a typical week are paid in cash. As tap-to-pay technologies like Apple Pay have become more popular, many Americans no longer see the need to bring physical money with them when they leave the house.
While these fintech aficionados likely haven't thought much about the changing contents of their wallets, one group of New Yorkers has. From homeless people collecting money in paper cups to musicians performing for change on the subway, a recent story investigates just how much the people who rely on cash are struggling with the effects of the financial technology industry's growth. |
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> A tap-to-pay society is leaving these New Yorkers behind. (Read) |
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> Apple Pay is activated on more than 78% of US iPhones. (Watch) |
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We curate hundreds of resources into 1440 Topics each week. Here are some of our favorites from the world of business and finance.
> What would happen if Santa ran the North Pole as a for-profit business?
> The "microretirement" trend, explained.
> A holiday tipping guide.
> How insomnia impacts US GDP.
> Guidance on navigating end-of-life financial decisions for a loved one.
> How much US immigrants pay in taxes.
> Why do we have microchips in credit cards?
> Sixteen different types of trusts, visualized.
> What are real estate investment firms?
> How Hollywood helped fund American military activity by boosting bond sales. |
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It’s Time to Put Your Portfolio to Work |
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You’ve worked hard to save for retirement, now your portfolio can take over some of the heavy lifting. "The Definitive Guide to Retirement Income" covers ways you can use your portfolio to generate income while you’re busy enjoying the lifestyle you deserve.
While your portfolio is busy producing income, your guide can also provide helpful insights into understanding your cash flow needs and managing your monthly expenses. Don’t miss out—request your complimentary guide now. |
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In 2024, Black Friday was observed in 129 countries. |
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