Retail
Macy's to Be Open for Thanksgiving, Which Retailers Will Follow?
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A research firm that tracks retail store hours reports that Macy’s Inc. (NYSE: M) stores will be open for Thanksgiving, at least based on data it has gleaned for a number of locations. It is another example of how traditional retailers continue to move forward the hours they are open over the Black Friday weekend as they battle e-commerce giants like Amazon.
Macy’s recent history has been littered with store closings, and it continues to compete in a crowded market. While many retail employees do not like to work on the holidays, the company, founded in 1958, needs the hours to compete with other retailers who will or are likely to be open on Thanksgiving Day. BestBlackFriday.com, which announced the Macy’s store hours, also expects several other retailers to open at about the same time. These forecasts are based on an examination of store openings during previous years.
The firm’s research shows:
Best Buy (5 p.m. – Predicted Opening Time)
Cabela’s (8 a.m. – Predicted Opening Time)
Dick’s Sporting Goods (6 p.m. – Predicted Opening Time)
JCPenney (2 p.m. – Predicted Opening Time)
Kohl’s (5 p.m. – Predicted Opening Time)
Michael’s (6 p.m. – Predicted Opening Time)
Target (6 p.m. – Predicted Opening Time)
Walmart (6 p.m. – Predicted Opening Time)
Macy’s has closed more than 100 stores in the past two years, which leaves it with 652. It faces ongoing battles with major retailers as diverse as Walmart Inc. (NYSE: WMT) and J.C. Penney Co. Inc. (NYSE: JCP). Most of these retailers are fighting as much as Macy’s to hold sales. Revenue in its most recent quarter rose 3% to $5.6 billion. It posted net income of $164 million, a margin of barely more than 2%.
Macy’s most dangerous competitor is no longer a brick-and-mortar retailer. Amazon.com Inc. (NASDAQ: AMZN) has decimated the entire industry. Its North American sales in the most recently reported quarter were $32.1 billion.
Amazon has the advantage of offering products and services well beyond current retailers. These include its Prime service, with a large streaming media product, and consumer electronics products.
Macy’s will open on Thanksgiving this year. That will give it a head start over some other retailers. However, it may not be enough to matter.
24/7 Wall St.
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