Macy’s Inc. (NYSE: M), the desperate retailer, will open its doors on 5 p.m. on Thanksgiving, a way to get a jump on dozens of retailers that will not be open at all on the holiday. It is an example of how differently the nation’s largest retailers are staggering the time when they open their doors.
According to BestBlackFriday, several Macy’s have already signaled their plans. Based on that, the research firm presumes the action will be taken nationwide:
In 2015 and 2014, they opened at 6 p.m., so this is one hour earlier than last year. Whether other major retailers decide to move up their opening time on Thanksgiving remains to be seen, but Macy’s is the first one to make their decision.
While Macy’s has not yet made an official announcement, we confirmed the 5 p.m. opening time from five different Macy’s across the United States.
Macy’s has been hammered as other department stores, as well as big-box retailers, have taken its business. In August in announced it would close 100 stores. At the same time, it announced another down quarter, which has happened every quarter for the past year. A look at the company’s most recent quarter:
Sales in the second quarter of 2016 totaled $5.866 billion, a decrease of 3.9 percent, compared with sales of $6.104 billion in the same period last year. Comparable sales on an owned plus licensed basis were down by 2.0 percent in the second quarter. On an owned basis, second quarter comparable sales declined by 2.6 percent. The difference between the year-over-year change in total and comparable sales largely resulted from the closing of 41 underperforming Macy’s stores in fiscal 2015.
Thanksgiving probably won’t help much.