With the holiday season around the corner, retailers are going all out with early store openings and attractive deals on offer, to drive traffic.
Following suit, Best Buy Co., Inc. (BBY) recently declared that it will open stores at 5 P.M. on Thanksgiving, which falls a day before Black Friday, marking the beginning of the holiday season. However, unlike other retailers, the company will shut down its stores at 1 A.M.
Further, this Zacks Rank #1 (Strong Buy) company announced that on Black Friday, it will once again open its stores early, at 8 A.M. Best Buy will not only start early on these days, but will also offer various ‘doorbuster’ deals to attract consumer traffic.
Some of these lucrative deals include Best Buy’s $100 off offer on all iPad Air 2 models that brings the price of a 16 GB iPad Air 2 to $399.99, a 64 GB iPad Air 2 to $499.99 and that of a 128 GB one to $599.99. Best Buy will also offer $75 off on iPad mini 3 with Touch ID, slashing the prices of 16 GB, 64 GB and 128 GB models to $324.99, $424.99 and $524.99, respectively. Other deals include $200 off on the 21.5 inch iMac and $50 off on the 16 GB iPod touch.
All these deals will also be available for Best Buy’s online shoppers. Best Buy, which is on a turnaround attempt, is leaving no stone unturned to gain incremental sales this season.
Apart from Best Buy, other big-shot retailers, including Target Corporation (TGT), Wal-Mart Stores Inc. (WMT) and Macy's, Inc. (M), will also open early, giving customers an early bird’s advantage. However, unlike Best Buy, these stores will remain open throughout the Thanksgiving night, to make the most of the holiday season sales opportunity.
Moreover, Target recently put up a deals catalogue on its website with heavy discounts on Apple products as well as on HD TVs as these are likely to have huge demand this season. Another retailer, Kohl's Corp. (KSS) also unveiled its deals list for Black Friday.
Hence, we see that although Black Friday is two weeks away, retailers have jump-started the shopping spree by announcing these blockbuster deals. Retailers compete hard to have a bigger share of sales on this day through early store openings, aggressive promotions and lucrative deals. Retailers become so aggressive during Black Friday and the holiday season because these make up a chunk of their yearly revenues.
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