Black Friday is hyped as one of the biggest in-store shopping days of the year, with stores trumpeting giant sales and even bigger advertising campaigns.

Some pundits claim that Black Friday is dying and is no longer relevant. However, the National Retail Federation issued a strong denunciation of these articles and declared that Black Friday is “far from gone.”

Which is the true story? Is Black Friday dying or still relevant? These questions are important because some retailers believe Black Friday helps get people in the mood for spending over the holiday season, when U.S. companies make approximately one fifth of their annual sales.

To answer them, let’s consider four important facts and data points concerning Black Friday. Together, they paint a mixed picture.