These are the best places to shop for Black Friday, as study reveals which retailers have the highest average % of discounts
Black Friday has grown into one of America’s biggest shopping rituals, with millions of people kick-starting the holiday season the moment the leftovers are packed away. But while the tradition is still very much alive, the way Americans shop for Black Friday has changed dramatically. Long queues at dawn have given way to digital shopping carts, and many of the year’s biggest markdowns now appear online well before Thanksgiving weekend officially begins.
According to national retail forecasts, U.S. shoppers are expected to spend record amounts online this year, with government-backed data showing online retail sales climbing steadily every holiday season. At the same time, concerns about inflated “before” prices, inconsistent markdowns, and supply-chain quirks have left shoppers more skeptical. That is why discount transparency matters, and why the following study sheds light on where the biggest genuine savings actually are.
Researchers at Event Display analyzed thousands of Black Friday product listings on every retailer’s official website to rank the country’s biggest chains by the average percentage discount offered on their advertised deals.
There’s one clear front-runner: Walmart, which leads Black Friday savings with an average markdown of 57.58 percent, far ahead of the rest of the field. Its aggressive early-release deals and broad category coverage help explain such a large gap. Two major department stores follow closely, JCPenney at 55.69 percent and Belk at 55 percent, both relying heavily on big holiday promotions across clothing, home goods, and accessories to draw in budget-minded shoppers during the busiest retail weekend of the year.
Just behind the top three sits Macy’s, averaging 49.77 percent. While still offering substantial savings, Macy’s often takes a more curated approach, discounting select apparel, beauty, and home categories rather than issuing deep, site-wide cuts. Mid-tier discounts appear at Kohl’s (40.71 percent) and Best Buy (40.7 percent), where value often comes from stackable rewards or targeted electronics doorbusters rather than sweeping price reductions.
Moving into home-improvement and big-box territory, The Home Depot averages 34.97 percent, followed by Lowe’s at 32.43 percent. Their deals typically center around tools, appliances, and holiday décor rather than full-category markdowns. Target lands at 32.23 percent, notably more than 25 percentage points behind Walmart’s average. While Target remains a fan favorite for holiday shopping, the numbers highlight very different discount strategies between the two rivals. BJ’s rounds out the top ten with 31.78 percent, where more modest percentages are expected due to warehouse clubs operating on already-tight margins.
E-commerce giant Amazon ranks just below the top ten with an average markdown of 30.74 percent, influenced in part by its large number of third-party sellers who set their own pricing. Tech specialist Newegg averages 26.35 percent, consistent with the electronics category’s more modest discount potential. These retailers offer strong value in specific product areas, especially PC components and accessories, even if their overall averages appear lower.
Near the bottom of the ranking are the remaining warehouse and tech brands. Sam’s Club averages 24 percent, a figure similar to Dell at 23.76 percent, where discounts often revolve around select laptops and desktops rather than broad markdowns. Finally, Costco records an average discount of 21.90 percent, the lowest in the study, though this aligns with its year-round value-driven pricing strategy and emphasis on bulk savings rather than dramatic percentage cuts.
Chris Trembath, a spokesperson for Event Display, commented on the findings:
“People assume every store is offering the same kind of deal, but the data shows that’s not the case. Some retailers are consistently giving much deeper discounts than others, and understanding that can help shoppers feel more confident about where they put their money.
He adds that the shift toward earlier and more extended promotions may also help reduce stress during the holiday season. “Black Friday used to feel like a race. Now people can shop over several weeks, compare prices more easily, and make better decisions without feeling rushed. That takes some of the pressure out of the process.”
Chris also notes that the emotional side of holiday shopping shouldn’t be overlooked. “Sales events can create excitement, but they can also be overwhelming. Knowing which retailers offer reliable discounts helps shoppers avoid impulse buys and stay focused on their actual priorities. It’s not just about saving money, but also about maintaining a sense of control during a busy time of year.”
Full list of the best places to shop on Black Friday:
| Rank | Retailer | Average % Discount |
| 1 | Walmart | 57.58 |
| 2 | JCPenney | 55.69 |
| 3 | Belk | 55 |
| 4 | Macy’s | 49.77 |
| 5 | Kohl’s | 40.71 |
| 6 | Best Buy | 40.7 |
| 7 | The Home Depot | 34.97 |
| 8 | Lowe’s | 32.43 |
| 9 | Target | 32.23 |
| 10 | BJ’s | 31.78 |
| 11 | Amazon | 30.74 |
| 12 | Newegg | 26.35 |
| 13 | Sam’s Club | 24 |
| 14 | Dell | 23.76 |
| 15 | Costco | 21.90 |
Methodology
The study examined the 15 largest U.S. retailers by analyzing the Black Friday sections on their websites. Researchers reviewed price changes across all listed products and calculated the average discount % for each retailer to identify which ones offered the deepest markdowns.
Sources: Retailers’ official websites