Market Overview

Retail Exec: 'Huge Surge' In Online Sales Is Here To Stay

Share:
Retail Exec: 'Huge Surge' In Online Sales Is Here To Stay

Online sales were the "star of the show" this Thanksgiving and Black Friday weekend, and Americans will continue to "click their way through the pandemic," ex-Toys R Us CEO Gerald Storch said in a Fox Business interview.

What Happened: Online shopping is a safe and easy way to buy goods, and the shift away from physical retail has been ongoing for quite some time.

The COVID-19 pandemic may have accelerated online sales growth, as some companies have experienced 40% year-over-year sales growth.

Cyber Monday should be more of the same, with some retailers reporting "huge surge" in sales by as much as 40% from last year, Storch said.

Related Link: 3 ETFs For Cyber Monday

Why It's Important: Foot traffic in stores has been a lot better than many had expected, although most retailers did their best to discourage crowds, he said.

Most notably, many retailers opted to close on Thursday, and that day is most associated with the most desired "doorbuster" deals and sales, the retail expert said. 

What's Next: There are just 24 shopping days left until Christmas, and stores should show "nice, steady traffic" throughout December, Storch said.

At the same time, the surge in online sales will continue until "as late as possible."

 

Related Articles

View Comments and Join the Discussion!

Posted-In: Black Friday e-commerce Fox Business Gerald Storch retail ThanksgivingMedia Best of Benzinga