Black Friday is important to the success of all retailers- Gerald Storch, former CEO, Toy R Us

Date:

Share post:

As the shopping frenzy kicks off this last week of November, consumers are jostling for the hottest deals across stores. The rise of large malls and the influx of hard discounters into the retailing ecosystem have further deepened popular shopping windows in Nigeria. Therefore, the global ‘Black Friday’ sales spree is fast gaining ground in Nigeria, a coincidence with an insight shared on CNBC by Gerald Storch, the former Chief Executive Officer of Toy R Us, while lamenting the decline of department stores that refuse to follow popular trends.

Since ‘Black Friday’ has been exported across borders, and buoyed by the rise of e-commerce, Storch admits, “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”.

“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 is still vitally important to the success of all retailers”, he added.

Hence in Nigeria, ‘Black Friday’ has become an important part of e-tailers and brick and mortar’s sales strategy. This Friday 29th November, 2019, approximately 4 weeks to Christmas, Jumia is selling almost at 70% off price. Shoprite Nigeria offers 50% off across its stores, while Spar is discounting at 70%. Many other popular retail stores, online and offline, are following the gig, selling between 40% and 80% off list price.

Overall, it sounds like the best time to hit the stores and stock up for Christmas – that is if you are on the shopping side. But if you are selling, those wares won’t move unless you tag along with the discount spree and chop off some few Naira off your list price this weekend.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

Flutterwave advocates stronger intra Africa trade

Africa cannot afford to remain fragmented in the face of global trade uncertainties, declared Flutterwave Founder and CEO...

Four (4) ways to maintain market relevance through brand good news

Modern consumers are fickle. They thrive on excitement and binge on the latest market trends or propositions. Considering...

Managing Change: Put People ahead of Process – Adedapo Onafadeji, Managing Director, Kaizen Polymers

Learning how to align internal processes with change prospect is key to success.

5 ways notable billionaires built wealth

Wealth can leave trails. New Trader platform provides insights into the best to your billion dollar dreams. Are...