Why Retailers Are Rethinking Thanksgiving Day

It’s still October, but some 42 retailers have already announced plans to stay closed on Thanksgiving Day, according to BestBlackFriday blog. The list includes Costco, Home Depot, Office Depot, OfficeMax and REI– not to mention entire malls will stay closed as well. So why the reversal of trends? It’s simple– business on Thanksgiving Day is not so good. ShopperTrak reported that in-store Thanksgiving Day sales dropped by an estimated 12.5 percent last year, while Black Friday sales fell by an estimated 11.9 percent. At the same time, online sales for the two days have been on the rise. IBM, for example, reported that online retail sales for Black Friday 2015 were up by 21.5 percent year-over-year. This doesn’t mean all stores are done with the Thanksgiving Day experiment, though. Macy’s has been so successful on Turkey Day that this year stores will open an hour earlier– at 5 PM. (ForbesConsumerist)