Amazon started a new retail revolution: Former Toys R Us CEO
Former Toys 'R' Us CEO Gerald Storch on Amazon Prime Day the ecommerce giant's growth and the potential risks the company.
Amazon started a new retail revolution, according to the former Toys R Us CEO Gerald Storch.
“We’ve been trying to build Christmas in July – and nobody has shown up – and Amazon has succeeded,” he told FOX Business’ Stuart Varney on Monday.
Storch said he gives Amazon a “lot of credit” because “July is a retail desert” and now “all the other retailers” have to play too.
“It’s a big deal,” he said.
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Storch also believes that the e-commerce giant can rake in $6 billion in sales within the next two days during its Prime Day sales event. Despite a minor tech glitch that temporarily kept shoppers from making any purchases last year during Prime Day, Amazon still reported a record $3.5 billion in sales.
“[To] put it in perspective – that’s about what J.C. Penney does in a half a year – in just two days. That’s about what Nordstrom does in three or four months – in just two days.”