"Retailers aren’t necessarily hiking their discounts from last year to snag customers. The majority of retailers’ promotions on Black Friday were flat this year compared to last year, according to a survey of 54 retailers by Jefferies. Promotions from 33 retailers, including Gap, were flat compared to last year. Meanwhile, 18 saw higher promos, including L Brands’ Victoria’s Secret and Pink, and 3 saw lower promos than last year, including Ugg."