Going by the saying, “The early bird catches the worm,” Macy’s, Inc. (M) will open its stores at 6 p.m. on Thanksgiving evening. Last year, this Cincinnati-based company opened its doors on Thanksgiving Day at 8 p.m. for the first time.
This holiday season, the company intends to draw shoppers who start early and seek attractive deals. The move is a strategic attempt by the department store retailer to take a more competitive stance against its brick-and-mortar and online rivals.
Other retailers that count upon a similar game plan include Target Corporation (TGT), Wal-Mart Stores Inc. (WMT) and J. C. Penney Company, Inc. (JCP). Retailers need to be ‘hawk-eyed’ this holiday season to make the most of it. They need to capitalize on every opportunity as and when it arises, and try to attract cautious, budget-constrained consumers to the stores as the season may be a tough one.
We believe retailers will leave no stone unturned to tap this holiday season. Be it early-hour store openings, promotional events, free shipping on online purchases or heavy discounts, retailers will try every trick to boost sales.
Earlier, Macy’s, holding a Zacks Rank #4 (Sell), stated that it will deploy approximately 86,000 seasonal staff members for its Macy’s and Bloomingdale’s outlets, call centers, distribution centers and online fulfillment centers, portraying a 3.6% increase from last year, when the retailer appointed about 83,000 associates.
The holiday season accounts for a sizeable chunk of yearly revenues as well as profits. This is the reason why retailers grab every possible opportunity to drive footfall.
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