Special Report
9 Stores Closed on Thanksgiving
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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.
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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.
Click here to see the 9 stores closed on Thanksgiving.
Click here to see the 11 stores open on Thanksgiving.
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.
9. PetSmart
> 2015 retail sales: $6.3 billion
> U.S. locations: 1,475
> Headquarters: Phoenix, Arizona
The retail industry is heavily dependent on holiday sales, and many major retailers now open on Thanksgiving in order to maximize sales during the season. However, just as it did last year, PetSmart will remain closed on Thanksgiving Day. A spokesperson for the pet store chain confirmed with 24/7 Wall St. that the company will open at 7 a.m. on Black Friday, two hours earlier than normal.
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8. Office Depot (NASDAQ: ODP)
> 2015 retail sales: $7.2 billion
> U.S. locations: 1,564
> Headquarters: Boca Raton, Florida
Following the 2013 merger of Office Depot and OfficeMax, the combined company continues to operate under these two distinct brands. This year, Office Depot and OfficeMax locations alike will be closed on Thanksgiving Day. The company explained its decision was in order to allow both employees and customers time to spend with their family.
Office Depot is not as overly dependent on holiday sales as many other retailers. The company also relies on back-to-business sales in the first quarter, as well as back-to-school sales in the third quarter.
7. Staples (NASDAQ: SPLS)
> 2015 retail sales: $7.6 billion
> U.S. locations: 1,302
> Headquarters: Framingham, Massachusetts
Like competitor Office Depot, Staples is also staying closed on Thanksgiving Day this year. While many stores offering Thanksgiving shopping hours depend heavily on high holiday sales volume, Staples is slightly different. In addition to holiday sales, the office supply company profits substantially the back-to-school shopping season and corporate procurement schedules.
Deal seekers can still visit the company’s website on Thanksgiving, and most Staples locations will open their doors at 6 a.m on Black Friday.
6. Nordstrom (NYSE: JWN)
> 2015 retail sales: $14.0 billion
> U.S. locations: 323
> Headquarters: Seattle, Washington
Nordstrom department stores will not be opening on Thanksgiving this year. In a statement to 24/7 Wall St., a company spokesperson confirmed stores hours will vary by location on Black Friday, though many will be opening early and staying open later than usual on the national shopping day.
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Nordstrom’s decision to remain closed on Thanksgiving is a break from the broader trend among its competitors. For many department stores, including Nordstrom, the holiday season is crucial to meeting annual sales goals, and as a result many extend the season as long as possible. Macy’s, J.C. Penney, and Sears will all be open Thanksgiving Day.
5. BJ’s Wholesale Club
> 2015 retail sales: $14.4 billion
> U.S. locations: 200
> Headquarters: Westborough, Massachusetts
For the 10th time in as many years, BJ’s Wholesale Club will remain closed on Thanksgiving Day. In a public statement, company President and CEO Chris Baldwin explained that as in years past, BJ’s made this decision in order to allow employees to spend time with family. Deal seekers can still take advantage of holiday discounts on the company’s website. The wholesaler will reopen its doors at 7 a.m. on Black Friday.
4. TJX (NYSE: TJX)
> 2015 retail sales: $23.6 billion
> U.S. locations: 2,697
> Headquarters: Framingham, Massachusetts
TJX is the company behind discount retailers T.J. Maxx, Marshalls, and HomeGoods. Like many other retailers, an outsized share of the company’s annual sales comes during the holiday season. Despite the importance of this time of year to the company’s bottom line, as in years past, all of the company’s nearly 2,700 locations will remain closed on Thanksgiving Day. In a statement to 24/7 Wall St., a company spokesperson explained that the decision was made to allow associates to spend time with family and friends. Most T.J. Maxx, HomeGoods, and Marshalls locations will open at 7 a.m on Black Friday.
3. Lowe’s (NYSE: LOW)
> 2015 retail sales: $57.5 billion
> U.S. locations: 1,805
> Headquarters: Mooresville, North Carolina
Unlike department stores and other retailers, hardware stores tend to have their biggest shopping period not during the holidays but during the spring, when many people begin home improvement projects. Lowe’s stores will open their doors at 6 a.m. on Black Friday. Some retailers have felt the pressure to begin the holiday shopping season earlier to combat declining profits. Lowe’s, however, appears to have been more resilient than many other retailers. The company reported at least $2.2 billion in earnings in each of the last three years, and company shares are up nearly 200% over the last five years.
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2. The Home Depot (NYSE: HD)
> 2015 retail sales: $79.3 billion
> U.S. locations: 1,977
> Headquarters: Atlanta, Georgia
Unlike many commercial retailers, The Home Depot’s busiest sales season is the spring, and not the holidays. Likely as a result, the company will not be opening its doors to bargain shoppers on Thanksgiving this year. Still, Black Friday deals will begin on the company’s website at 6 a.m. on Thanksgiving Day and continue at brick-and-mortar locations as they open their doors at 6 a.m. on Black Friday. The largest home improvement store in the world, The Home Depot has more than 2,200 stores in North America, nearly 2,000 of which are in the U.S.
1. Costco (NASDAQ: COST)
> 2015 retail sales: $83.5 billion
> U.S. locations: 501
> Headquarters: Issaquah, Washington
In observance of the national holiday, Costco warehouses will be closed on Thanksgiving Day. Black Friday deals will begin at 9 a.m. and will continue to be available during business hours through Monday, November 28.
In addition to its 501 U.S. locations, Costco has more than 200 warehouses in countries across Europe, Asia, and Australia, as well as in Canada and Mexico. Due to its significant international footprint, the loss of a single day in the busy U.S. holiday season the loss of a single day in the busy U.S. holiday season may have less of an impact on the company’s total annual sales.
Click here to see the 11 stores open on Thanksgiving.
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