Shoppers across the nation are getting ready to pour into stores on Black Friday to jumpstart the holiday shopping season.
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Former Saks Inc. chairman and CEO and MasterCard senior adviser Steve Sadove told Fox Business’ Connell McShane the Black Friday frenzy will bring winners and losers – but the winners will ultimately be “big-box” retailers, where department stores in opposition are falling short.
“The winners are a lot of the big-box stores that have made the omnichannel investments, they have the technical infrastructure, the analytics skills,” he said on Wednesday. “It's the Walmarts, the Targets of the world that are seeing terrific results.”
There are also certain shopping categories that will emerge more than others, Sadove said.
“The electronics category is doing extremely well,” he said. “Jewelry is holding up pretty well.”
Sadove also said the consumer is in good shape and people are “out there shopping.”
“If you look at the MasterCard SpendingPulse forecast, it looks like we're going to be in that 3.5 percent type growth for the holiday season,” he said. “It's healthy.”
Sadove said despite rapid growth online, more than 85 percent of shopping is being done in store.
And the shortened holiday season reportedly has consumers feeling the pressure to buy.
“That's why the beginning of this holiday season is so important,” he said. “Black Thursday, Black Friday – it’s not so much about sales on those days, per se. It's the mindset. It's getting people into the headset that it’s their time to start shopping.”
The enthusiasm, he said, is a good sign for the economy
“I think that consumers, two-thirds of the U.S. economy and absent something of a big disruption, I think we're coming out of the year with a fair amount of consumer-positive momentum,” he said.