Former Toys R Us CEO Gerald Storch discusses his outlook on holiday retail sales.
Digital coupon company RetailMeNot declared a new retail holiday aimed at prompting gift-givers to get a head-start on their holiday shopping even earlier as consumers face the shortest holiday shopping season since 2013.
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Hundreds of retailers are participating in Cash Back Day, which will debut on Thursday and be celebrated on the first Thursday of November each year moving forward.
For 24 hours, shoppers will be able to snag online deals at hundreds of participating online retailers while getting a portion of the sale back, up to 20 percent.
Amazon, Macy's, Adidas, Home Depot, Hilton, Overstock, Kay Jewelers, Best Buy, Sears and CVS Photo are among the retailers participating in Cash Back Day.
MILLENNIALS ARE MOST ACCEPTING OF GOING INTO HOLIDAY DEBT
"Cash back offers will also benefit retailers who are looking to capture consumers' attention early in the season and drive repeat purchases later," said Marissa Tarleton, CEO of RetailMeNot. "We have worked hand-in-hand with our trusted retail partners to bring a large number of exclusive deals to shoppers and help them save on everything they need as they prepare for the holidays."
In order to grab the deals, shoppers have to register with RetailMeNot.com and must shop online.
THE HOTTEST HOLIDAY TOYS FOR 2019
The new shopping holiday will hit weeks before Black Friday and Cyber Monday, proving that retailers are trying to figure out ways to get into the minds of shoppers sooner.
Walmart, for instance, began offering holiday deals online for toys, TVs and mini trampolines nearly a week before Halloween. And the owner of Zales and Kay Jewelers said they spent more on advertising between August and October.
IS IT TOO SOON FOR HOLIDAY SHOPPING?
Target Corp. says it's spending $50 million more on payroll during the fourth quarter than it did a year ago so that there'll be more workers on hand to help shoppers.
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This year, Thanksgiving will land on Nov. 28, the latest possible date it can be. That leaves the holiday shopping season with six fewer days than last year.
The Associated Press contributed to this report.
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November 06, 2019 at 11:28PM
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Retailers try to spur early holiday shopping with Cash Back Day - Fox Business
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