Watch CNBC's full interview with former Macy's CEO Terry Lundgren on retail, holiday shopping

Terry Lundgren, TJL Advisors CEO and former Macy’s CEO, joins CNBC's 'Squawk Box' to discuss the state of the U.S. consumer on Black Friday. Lundgren explains why he thinks retailers will finish 2022 with record sales and why Black Friday has been less of a "frenzy" in recent years. "As the online business became a greater percent, there's less of that urgency," Lundgren tells CNBC.