Retail giant Walmart will be closing its doors for Thanksgiving this year for the first time in over 30 years. The company announced earlier in the week that it will be giving its overworked staff members a break during the holiday as they have been working nonstop since the start of the pandemic.
Walmart's chief executive officer, John Furner, mentioned in a statement that the company's staff members have really stepped up this year and it was only right for them to be given the opportunity to enjoy the Thanksgiving Day holiday with their loved ones. Like other retailers selling essential goods, Walmart continued to operate even at the height of the pandemic.
The move comes as a big surprise for most given Walmart's aggressiveness, particularly during the Thanksgiving holiday and Black Friday, typically held on the Friday after Thanksgiving. The retailer typically stretches its deals and promotions days and even weeks before the shopping holiday. However, the pandemic may have halted all those plans for this year. Walmart has yet to detail its plans for Black Friday. It did state that it will be giving out an update at a later date.
Shoppers who are looking to buy gifts and other goods may have to plan ahead this year. It is not yet clear if other retailers will be following Walmart's decision. Both Target and Best Buy have also not yet shared any details yet on their planned store hours for the upcoming holidays. Home Depot and Office have announced that they would be closed for Thanksgiving but they have yet to make a decision for the other holidays.
With the closure of its physical stores, online sales will likely be seeing another spike during the annual holiday period. Some shoppers are still reluctant to travel to crowded places, a fact that retailers have taken advantage of by increasing their investments in their online platforms.
Industry experts have pointed out that even if retailers wanted to remain open for the shopping holidays, most will likely be facing some challenges in filling up their shelves with the latest products. Supply chains had greatly been affected by the pandemic and suppliers typically start shipping their items for the U.S. shopping holiday season in May and June.
Analysts at Shopper Talk, a company that monitors retail foot traffic, have pointed out that most retailers are likely still waiting to see how the situation will unfold. Companies are likely waiting on further government actions and the potential approval of a vaccine before they make any final decisions.
