They call it Black Friday for a reason, because generally retailers are “in the black” for the year by the time it rolls around and all the shopping for the day has been completed. With the advent of the internet and online sales, the traditional Black Friday sales and advertising now start well in advance of the actual day, which has actually cannibalized sales from the day after Thanksgiving.

In a new report from the analysts at Jefferies they have done an in-depth look at the discounting that retailers will be offering this year. As usual, the savings for shoppers will be significant. Jefferies’ analysts noted that all price ranges show greater discounts this year, but better discounts will be on lower price points, which resembles the last two years. They also pointed out a similarity of last year’s theme where nearly two-thirds of the 4,000+ priced items captured were in the sub $50 price range.

So which companies are offering their customers the biggest percentage discounts? The Jefferies research points to four that should come in on top. The analysts average discount in all price points from less than $50 to over $1000 to come up with the 2015 average discount figures.

JC Penney

The venerable retailer has struggled mightily over the last few years, but will reward shoppers with the highest over percentage savings this year. J.C. Penney Company, Inc. (NYSE: JCP) is on the leaderboard as far as discounts for their customers. The Jefferies team believes that the company will offer 2015 average discounts of 64%.

Despite the struggles over the last five years, which included the dreadful hiring of Ron Johnson from Apple as CEO, the company remains one of the nation’s largest apparel and home furnishing retailers. Across approximately 1,020 stores and at jcpenney.com, customers will discover a broad assortment of national, private and exclusive brands to fit all shapes, sizes, occasions and budgets.

J.C. Penney has not been all good news but has not been all bad news either.  It was recently seen that 44,000 were protesting their Thanksgiving hours, and it was seen that discounts of 68% may also be seen. There was also a mixed reaction to the most recent earnings.

The Thomson/First Call consensus price target for the stock is posted at $9.86. The shares closed the day on Tuesday at $8.30.

ALSO READ: How Walmart Plans To Dominate Black Friday Sales

Kohl’s

This top retailer has been hit hard this year, and could be offering investors a solid entry point. Kohl’s Corp. (NYSE: KSS) comes in second in the Jefferies top discount sweepstakes for 2015. The analyst expects that average discount 2015 discount offered to customers will be 59.7%. One thing our readers may want to note is the Jefferies team thinks that Kohl’s will offer the highest percentage discount in the highest price points of any of the retailers surveyed. Those price points are $500 and up.

The company also recently announced that they have unveiled eight days of amazing Cyber Week deals and spectacular savings on Kohls.com. Beginning Saturday, November 28 through Saturday, December 5, customers shopping Kohl’s digitally will discover deep online savings on top holiday gifts, a new flash sale each day and digital shopping tools that offer an easier and faster shopping experience.

Kohl’s shareholders are paid a very solid 3.78% dividend. The consensus price target for the stock is posted at $53.43. The stock closed yesterday at $48.53.

Macy’s

This iconic retailer recently posted horrible third quarter results and got blasted. Macy’s Inc. (NYSE: M) is trading at the lowest level since early 2013, and could be offering patient value investors a solid entry point. The company remains one of the nation’s premier retailers, with fiscal 2014 sales of $28.105 billion.

The company operates about 900 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com.

Macy’s hired thousands of workers just for the holidays (as many as 86,000) but its earnings and sales trends have suffered. That also put shares down at a new 52-week low, although it has recovered 5% or so off those lows.

The Jefferies team predicts the company will offer 2015 average discounts of 56.2% That will be the third highest total of the stores surveyed. Macy’s shareholders are paid a solid 3.6% dividend. The consensus price target for the stock is set at $46.90. The stock closed Tuesday at $39.63.

Sears

This is another iconic American retailer that has struggled mightily over the last few years, and many feel that the biggest asset the company has remaining is the incredible real estate holdings. Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve customers.

The company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. Can you remember the Blue Light Special?

Sears comes in fourth place in the retailers offering customer the highest percentage discounts this year with average discounts of 52.6%. The consensus price target for the stock was unavailable. Shares closed the day on Tuesday at $20.50.

ALSO READ: 10 Brands That Will Disappear in 2016

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Well there you have it, the companies offering the highest average percentage discount for customers this holiday shopping season. The good thing for everybody, is most likely all of the discounts will also be offered online, so those who dread the crowded malls during the holiday can shop from the comfort of their home on the computer. Whether or not these promotions are that great for the likes of operating margins is another matter.

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