Retailers nationwide typically rely heavily on the holiday season to meet annual sales goals. In an effort to stretch the holiday shopping season as much as possible, many stores have announced plans to open on Thanksgiving Day. However, not all stores are conforming to this trend.
Traditionally, stores remain closed on Thanksgiving Day, kicking off the holiday shopping season on Black Friday — the biggest shopping day of the year — by offering shoppers steep discounts. In keeping with the older tradition, a number of stores will deliberately remain closed on Thanksgiving, forcing eager shoppers to wait until Black Friday to take advantage of sales. 24/7 Wall St. reviewed the 9 largest retailers that will be closed on Thanksgiving Day 2016.
There is no question that for most major American retailers, strong holiday sales are crucial for the bottom line. This year, the National Retail Federation projects holiday retail sales will hit $655.8 billion, a 3.6% increase over last year.
Despite the season’s importance, and in the face of potentially lower holiday sales, closing on Thanksgiving Day may be a savvy public relations move. Several companies, including BJ’s Wholesale Club and Staples, have even issued press releases explaining that remaining closed will allow associates more time to spend with their families.
For other companies that plan to remain closed on Thanksgiving, there is much less at stake during the holiday season. Home improvement stores such as Lowe’s and office supply stores such as Office Depot do not rely as much on holiday sales as most other major retailers. Home improvement chains typically report their biggest sales in the spring, while office suppliers, in addition to the holidays, report strong sales volume during the back-to-school season as well as during the beginning of corporate fiscal years.
In contrast, many retailers such as Target and Kohl’s — which report as much as 30% of annual sales in November and December — will be open this Thanksgiving.
Based on public statements made by major retailers, 24/7 Wall St. identified the companies that will be closed on Thanksgiving Day. In order to be considered, a company had to be one of the top 100 retailers by U.S. sales, as measured by the National Retail Federation. Additionally, we only considered companies with a broad nationwide presence. We excluded restaurant chains such as McDonald’s (NYSE: MCD), grocery stores such as Publix, as well as convenience stores and specialized service providers. Companies were also excluded if they made no public announcement regarding Thanksgiving hours as of November 15. Of the companies that met these criteria, we reviewed the 9 largest by U.S. retail sales as provided by the NRF. Companies’ financial information came from the companies themselves or financial documents filed with the Securities and Exchange Commission. All sales listed are annual U.S. sales figures as determined by the NRF.
These are the 9 stores closed on Thanksgiving.