The coronavirus pandemic has reshaped the holiday shopping season with fewer people hitting stores on Black Friday and many retail chains holding the line on discounts because they are sitting on lean inventories.

Crowds were smaller this year than last at a Walmart Inc. store in upstate New York and at a shopping mall in New York City on Friday morning, with even Black Friday veterans saying they had made much more of their purchases online this year.

Dalla…

This post first appeared on wsj.com

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