Minneapolis, Minnesota-based retailer Target Corporation (NYSE:TGT) has joined the growing list of retailers that will push up its opening on Thanksgiving to take advantage of what is expected to be an epic “Black Friday.”
This year Target will open its doors at 8 PM
Last year, the store opened at 9 PM, but this year the retailer will open its doors at 8 PM.
When a liquidity crisis struck China's Evergrande Group in the summer of 2021, it shook the global markets. Debt payments by China's second-largest property developer by sales were estimated in the hundreds of billions of dollars, and the company missed several payments. Those missed payments led to downgrades by international ratings agencies, but the Chinese Read More
EW YORK (AP) – Target Corporation (NYSE:TGT) is becoming the latest retailer to open earlier on Thanksgiving this year.
Kathee Tesija, executive vice president of merchandising at Target Corporation (NYSE:TGT), told The Associated Press that she felt the 8 PM time was just right, based on the competitive landscape, and the sentiment among shoppers and its own store staff.
In addition to the earlier opening, hundreds of deals will be made available on Thanksgiving morning. Each of these deals will now be made available for those visiting the store and don’t wish to wait. The company also plans to offer fifteen “online only” deals for two weeks beginning Sunday, November 24.
The goal is to allow customers to shop “however, whenever they want to shop,” Tesija said.
Clearly the days of stores opening at 5 a.m. or 6 a.m on the Friday after Thanksgiving have passed. Target is joining the likes of Macy’s, Inc. (NYSE:M), J.C. Penney Company, Inc. (NYSE:JCP), and Kohl’s Corporation (NYSE:KSS) among others in rubbishing the traditional “Black Friday,” with each company planning a Thanksgiving opening.
Toys R Us is taking it a step further by opening at 5 PM. this year rather than 8 PM, and Best Buy, who last year opened at midnight, has chosen to move that up by six hours with a 6 PM opening.
Holiday season crunch time for retailers
The holiday season represents 20% to 40% of the revenue that the aforementioned retailers bring in annually with each determined to get the dollars first. Keeping customers happy has clearly replaced the need to keep employees happy. A number of these retailers, however, are offering double of triple pay to their employees.
Additionally, with Thanksgiving falling quite late this year, the holiday shopping season will be six days shorter that it was last year.
Last year’s holiday sales were up 3.5% last year according to the National Retail Federation. The federation expects sales to be up nearly 4% this year.