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hhgregg (HGG) to Keep Stores Closed on Thanksgiving Day

Zacks Equity Research

Going against the retail industry’s popular trend of keeping stores open on Thanksgiving, hhgregg, Inc. HGG has decided to keep its 220 stores closed. The company said it wants its customers and employees to enjoy Thanksgiving with family and friends. In fact, this consumer electronic retailer will officially kick-start the holiday season from Black Friday. It will open its stores at 7 a.m. on Black Friday. Nevertheless, customers can shop online on Thanksgiving and can avail great deals, per media reports.

Staples, Inc. SPLS has also decided to keep its stores closed like the previous year. However, bargain hunters can shop online on Thanksgiving via Staples.com. This office supplies retailer will open its stores at 6 a.m. on Black Friday and continue with its deals through Cyber Monday. Moreover, the retailer will offer amazing holiday saving deals both in-store and online, starting early November.

Of late, employees have been raising their voice against keeping stores open on Thanksgiving, as they want to enjoy the day with their families. On the other hand, to take on online rivals, brick-and-mortar retailers do not want to miss out a single opportunity to draw shoppers who start early and seek attractive deals, and so keep their doors open on Thanksgiving.

HHGREGG INC Price and Consensus

HHGREGG INC Price and Consensus | HHGREGG INC Quote

The holiday season is the period when retailers are well on their toes, flooding the markets with offers and promotions. They intend to lure customers with early-hour store openings, huge discounts, promotional strategies along with free shipping on online purchases. Since the season accounts for a sizeable chunk of yearly revenues and profits, retailers grab every opportunity to drive footfall.

Retailers such as Macy’s, Inc. M, Target Corporation TGT, hhgregg and Kohl’s Corporation KSS have announced their hiring plans for the upcoming season. Per media reports, Target intends to employ 70,000 associates, while Kohl's will deploy over 69,000 workers nationwide, this holiday season. Target will hire another 7,500 people for its distribution center and fulfillment facilities. Macy’s announced its plans to hire roughly 83,000 seasonal workers, while hhgregg also intends to employ roughly 500 associates.

hhgregg carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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