According to Wikipedia, until the 1970s most businesses were closed on Presidents’ Day. The holiday was originally created under the Uniform Monday Holiday Act, which observes certain holidays throughout the year on predetermined Mondays.
It was not until the mid-1980s that advertisers began to use the phrase “Presidents’ Day” to encourage sales during the three day weekend. According to the Nevada Daily Mail, advertisers began to play a role in the changing of the name in 1986 after Congress enacted Martin Luther King Jr. day to be the third Monday in January. Since neither George Washington nor Abraham Lincoln’s birthdays fell on the third Monday of February, advertisers began using the time between Lincoln and Washington’s birthdays as a “Presidents’ Day” sale period.
Today, companies use the holiday to get rid of old merchandise to make room for spring items. Most commonly advertised are mattress and furniture sales. Real Simple said new furniture designs hit the market in spring, causing furniture stores to mark down many of last season’s items.
Meanwhile, Payoff.com said that spring brings an increase in home sales, therefore increasing the demand for new mattresses and furniture. Mattress models turn over in May, so deals begin in the new year during times when marketers know that shoppers have extended time off of work (like Presidents’ Day weekend).