On Black Friday and arbitrage. Modern retail co-opted the term “Black Friday.” The true origins of the moniker’s roots were a bit darker and it began in the early 1950’s, not the mid-90’s. Philadelphia, Pennsylvania is the home of the fabled Army-Navy football game. Held annually on the day after Thanksgiving, an influx of suburban shoppers and tourists flooded the city. Retailers began to report increased incidents of disruption and theft. In some cases, the city’s police forces were stretched to their limits as shoplifting and in-store disruption spiked for 24-48 hours each year.