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Pop quiz: Which state leads the nation in average daily revenue for small retailers during Black Friday?
The answer is Nevada.
By a landslide.
Like scrappy boxers gracing the ring in Las Vegas, local independent retailers in Nevada punch way above their weight class when it comes to the average sales that each business generates each day. This is especially true for the Super Bowl of the retail industry known as Black Friday — the No. 1 sales day for the United States across the board.
Last year, mom-and-pop shops and small local retailers in Nevada generated average sales of $7,848 per business during Black Friday, according to small business software company Womply’s annual local retailer report. That’s nearly $3,000 more than second-place New Hampshire, said Brad Plothow, Womply vice president of brand and communications for small business. It also smokes the national average of $3,087.
The study looked at 54,000 local independent retailers nationwide, including 650 in Nevada. Even when accounting for outlier data, Nevada still posted surprising numbers, according to Plothow.
“The thing that leaps out to us about Nevada is just how much money small retailers make during Black Friday,” Plothow said. “Local retailers already perform better in Nevada on an average day but they have just these huge numbers for Black Friday.”
So how do small retailers in Nevada compare to the top performers in the nation? Here’s a breakdown of the top five states when it comes to average sales revenue per small retailer:
Nevada small retailers also saw about 40 transactions on average per business during Black Friday, which is far above the national average of 26 transactions. The average purchase price per transaction in Nevada is higher as well at $194. That’s a notable increase over the nationwide average of $118.
Plothow isn’t quite sure what products are driving sales in places such as Reno and Las Vegas. What’s certain is that consumers in the state, including tourists, spend more.
“It really comes down to higher volume and higher purchase prices,” Plothow said. “It tells us that folks in Nevada are really going out and purchasing at local stores during Black Friday.”
Nevada also mirrors key nationwide trends, including strong sales immediately after Black Friday when Small Business Saturday and Cyber Monday are held. A large part of it is the “spending mindset” that’s ingrained on consumers for that particular period, Plothow said.
“They’re thinking, ‘I gotta get a bunch of stuff off my list’ on these days,” Plothow said. “Those three days are astronomical for small retailers so we recommend shops to double down … by doing things like extending their hours of operation. They really should maximize those three days.”
Of course, Black Friday is just one of 365 days in the calendar. Consistency during the entire year is important for any small retailer to survive.
Here are the top 10 states for daily revenue in the United States when averaged out over the entire year.
That’s right, Nevada tops the list again.
The state failed to get the No. 1 rank for the holiday season from Thanksgiving to Christmas. But it still placed pretty high at No. 2.
Nevada also was second in the nation for Small Business Saturday revenue and fourth overall for Cyber Monday.
Below are some more interesting facts about Nevada’s small retail industry.
Black Friday remains the busiest day for Nevada each year.
Surprisingly, Small Business Saturday and Cyber Monday only placed 21st and 49th respectively. The second most lucrative day for Nevada last year was May 29. Placing third was Sept. 4 while placing fourth was Sept. 2, which are typically busy shopping days for back-to-school. Rounding out the top five is President’s Day.
Mother might know best but dad apparently generates more traffic for small retailers in Nevada. Father’s Day ranked 343rd in Nevada for retail revenue while Mother’s Day was 357th, at least for procrastinators. Both days are far down the list because most folks do their shopping for mom and dad prior to both days. The rankings also were reversed on a national level.
In the battle of saints, beer trumped love in Nevada as Saint Patrick’s Day (No. 72) beat Valentine’s Day (229). Apparently, beer conquers all nationwide as well.
What’s the least profitable day of the year? That would be Christmas, which was dead last, generating an average daily revenue of just $462 in Nevada. That’s no surprise as a lot of stores are closed on that day and folks are probably burnt out from shopping. That being said, Nevada still more than tripled the national average for Christmas of $130.
So how much revenue do small retailers in Nevada generate on a typical week? The answer is $20,554, which is nearly double the national average of $11,064.
One would think that the holiday season would yield the best week for Nevada. The week of Black Friday, however, is only No. 2, posting sales that are 116 percent higher than the state’s weekly average.
Nevada’s best sales week in 2017? That would be the week of Aug. 27 to Sept. 2, which just barely beats Black Friday week by generating sales that are 117 percent higher than the state’s weekly average. Earning third place is the week of Sept. 3-9. Never underestimate the power of school supplies.
In fact, back-to-school month is No. 1 in Nevada, not Black Friday month. Here are the top six months for small retail daily revenue for the state:
As far as how much revenue local independent retailers in Nevada typically make in a year, the answer is about $1.07 million. That’s nearly double the national average of $575,314.