'Friday is not quite as big as it was, Saturday's not as big as it was, but in total it's a huge event. It's still vitally important to the success of all retailers,' Gerald Storch says.
Black Friday is "bigger than it ever was," although consumers are shifting when, where and how they shop, former Toys R Us CEO Gerald Storch told CNBC on Wednesday, dismissing those who say the frenzy is dying down.Storch pointed out that the after-Thanksgiving extravaganza has become a three-day event as shoppers sift for discounts outside of the traditional Friday deals.
"All that's happened is the event is bigger than it ever was, just more of the sales are taking place on Thursday, which used to have zero sales," the Storch Advisors CEO said. "Friday is not quite as big as it was, Saturday's not as big as it was, but in total it's a huge event. It's still vitally important to the success of all retailers.", according to the National Retail Federation.
The NRF expects just about the same number of consumers — about 254 million — to shop for deals between Thursday and Saturday as in the same period in 2018, but forecasts Cyber Monday consumption to drop significantly. Shopping habits are changing because more online deals are opening up midnight Thursday, while more retailers are offering in-store discounts beginning Thursday evening as opposed to midnight Friday, Storch said.
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