10 Stores Closed On Thanksgiving
Holiday sales make up the lion's share of annual revenue for most U.S. retailers, many of which depend heavily on holiday shoppers to meet their yearly goals. American consumers spent $616.1 billion last holiday season, up 4% from the previous year, according to the National Retail Federation (NRF).
In recent years, retailers have increasingly diverged on when the holiday shopping season should start. For many stores looking for an edge in the ultra-competitive retail landscape, kicking off the holiday season on Black Friday, the day after Thanksgiving, is too late. These retailers have decided to open their doors on Thanksgiving Day. Others, however, have pushed opening hours back. This could be a business decision, or -- as many such retailers state publicly -- that they feel it is unfair to both employees and shoppers to open on a day that is meant for giving thanks and celebrating with family. These stores, like a majority of retailers, have decided to remain closed on Thanksgiving Day.
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Companies that will be open on Thanksgiving include some of the nation’s largest retailers, including Target (TGT) and Macy’s (NYSE: M). Department stores such as Sears (SHLD), Kmart, J.C. Penney (JCP), and Kohl’s (KSS) will also be welcoming customers on Thanksgiving Day. Some specialty retailers will also be opening early, including The Gap (GPS) and Toys “R” Us. For Toys “R” Us, the holiday season is especially important. The fourth quarter, which includes holiday shopping, has accounted for 43%, 42%, and 40% of its annual sales in each of the last three fiscal years.
For some retailers, there is simply less at stake during the holiday season. Many of these will remain closed on Thanksgiving Day. Home improvement superstores, for example, may not feel the same pressure to be open on Thanksgiving because, unlike most retailers, the holiday season does not represent their peak sales period. For companies such as Home Depot and Lowe’s, the spring is usually the busiest time of the year.
Other retailers have decided not to open on Thanksgiving Day, stating publically at least that they prefer to give employees the day off. Both Barnes and Noble (BKS) and the TJX Companies (TJX) -- parent of T.J. Maxx, Marshalls, and HomeGoods -- have made public statements to that effect. Even some specialty retailers that largely rely on the holiday season have decided not to open on Thanksgiving. These include GameStop (GME), for which -- like Toys "R" Us -- the holiday season accounts for a disproportionate share of sales.
Based on public statements made by major retailers, 24/7 Wall St. identified the companies closing stores 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 (NRF). Additionally, we only considered companies with a broad nationwide presence. We excluded restaurant companies such as McDonald’s (MCD), and grocery stores such as Publix. Of the companies that met these criteria, we reviewed the 10 largest by U.S. retail sales provided by the NRF. Company headquarters and other financial information came from the company itself or financial documents filed with the Securities and Exchange Commission (SEC).
10. The TJX Companies (TJX)
> Headquarters: Framingham, Massachusetts
> 2014 U.S. retail sales: $22,206,000
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TJX, which operates stores under T.J. Maxx, Marshalls, and HomeGoods brands, will remain closed again this Thanksgiving. Last year, TJX spokesperson Doreen Thompson wrote in an email to 24/7 Wall St., “We are pleased to give our Associates the time to enjoy the Thanksgiving holiday with family and friends.” Like many other major retailers closed on Thanksgiving, TJX still has big plans for Black Friday. The company’s stores will open Friday at 7 a.m.
9. BJ's Wholesale Club (NYSE:BJ)
> Headquarters: Westborough, Massachusetts
> 2014 U.S. retail sales: $13,811,000
Black Friday discounts at BJ's Wholesale Club began one week before Black Friday. Despite early bargains for patrons of the membership-based wholesaler, the store will not open on Thanksgiving Day. For those who can wait until the day after the national holiday to do their bargain shopping, BJ’s will re-open its doors at 7 a.m. on Black Friday.
8. Bed Bath & Beyond (BBBY)
> Headquarters: Union, New Jersey
> 2014 U.S. retail sales: $11,708,000
While the home decor retailer has yet to announce its hours of operation on Black Friday, Thanksgiving is one of four national holidays the store observes by remaining closed. The company claims to have a good relationship with its employees, citing a lower turnover rate than is typical in the industry. While it is almost certainly also a business decision, allowing its roughly 60,000 employees to spend time with friends and family during national holidays like Thanksgiving may help improve the company’s relationship with its employees.
7. Ross Stores (ROST)
> Headquarters: Pleasanton, California
> 2014 U.S. retail sales: $11,032,000
Ross Stores remains closed on three major holidays, including Thanksgiving. Many of the department store’s larger competitors, including Macy’s, J.C. Penney, and Sears are opening their doors for bargain shoppers on Thanksgiving Day. Despite remaining closed on Thanksgiving -- a gesture portrayed as thoughtful by many other companies -- Ross Stores’ employees are not especially satisfied among large retailer workforces, according to employee review site Glassdoor.com. The average review for the company is a 2.9 out of 5, versus the average review on Glassdoor.com of 3.2.
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6. Staples (SPLS)
> Headquarters: Framingham, Massachusetts
> 2014 U.S. retail sales: $6,607,000
Staples opened at 6 p.m. on Thanksgiving Day last year. This holiday season, despite many retailers opening even earlier than in previous years, the office supply chain will remain closed on Thanksgiving day. Unlike other major retailers, Staples is less dependent on the holiday season than most retailers. Back-to-school sales during the spring are its main driver of annual revenue.
5. Dillard's (DDS)
> Headquarters: Little Rock, Arkansas
> 2014 U.S. retail sales: $6,490,000
While many larger department stores such as J.C. Penney, Macy’s, and Sears will open their doors on Thanksgiving Day, Dillard’s will not. Because fourth-quarter sales often account for the bulk of annual company profits, the decision Dillard's made to remain closed on Thanksgiving may be out of consideration for its 40,000 employees. According to the company’s facebook page, “We will be closed on Thanksgiving Day, out of respect for our associates time with their families, but will be reopening bright and early Friday morning!”
4. GameStop (GME)
> Headquarters: Grapevine, Texas
> 2014 U.S. retail sales: $6,225,000
As a number of other retailers, GameStop published a press release this fall titled, “GameStop takes a stand! Closes stores on Thanksgiving Day to allow customers and associates to enjoy the holiday with family and friends.” GameStop will begin this year offering its customers Black Friday deals on the Tuesday before Thanksgiving. Despite starting the holiday season earlier than most retailers, GameStop will not be open on Thanksgiving Day. The holiday shopping season is crucial for GameStop’s top line. Fourth-quarter sales accounted for about 37% of total annual sales last year. GameStop has not performed particularly well financially in recent years. Sales fell % last year.
3. PetSmart (NASDAQ:PETM)
> Headquarters: Phoenix, Arizona
> 2014 U.S. retail sales: $6,073,000
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Bucking the emerging trend of starting the holiday sale season on Thanksgiving Day, PetSmart will save its Black Friday sales for Black Friday. As it has on previous Black Fridays, the pet supply store will open at 7 a.m. on the day after Thanksgiving, two hours earlier than it does normally. Like many other retailers, PetSmart typically earns more in the fourth quarter due to increased consumer spending around the holidays.
2. Tractor Supply Co. (TSCO)
> Headquarters: Brentwood, Tennessee
> 2014 U.S. retail sales: $5,820,000
Those looking for deals from Tractor Supply Co. on Thanksgiving Day will have to visit the company's website. Black Friday sales in the company’s brick and mortar locations will begin at 6 a.m. on the day after Thanksgiving. Black Friday sale items include video drones, snow blowers, and mini bikes.
1. Barnes & Noble (BKS)
> Headquarters: New York, New York
> 2014 U.S. retail sales: $5,790,000
Brick and mortar bookstores have been hurting in recent years, and Barnes & Noble is no exception. The company’s sales declined by 4.9% in its fiscal 2015. Despite the negative sales growth, the company will not open on Thanksgiving Day, a tactic many major retailers are using to bolster sales. Company spokeswoman Mary Ellen Keating explained that company employees should “have the opportunity to enjoy what is a family holiday."
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