Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzioTurn on desktop notifications for breaking stories about interest? Despite competition from Thanksgiving shopping, Black Friday ranks as either the top or No. The move, announced Monday, July 27 comes as stores are rethinking the Black Friday in-store door busters as they try to curb the spread of the coronavirus, which has seen a resurgence in a slew of states. Target is joining Walmart in closing its stores on "The actions announced reflect our continued focus on investing in Kmart, a business with a compelling customer offer and strong competitive advantages, while also improving the viability of Target by addressing some of its structural challenges by simplifying the business model. "We continue to believe that Target has a future as a leading retail brand in Australia and is much loved by many customers, but a number of actions and changes are required to ensure it is fit for purpose in a competitive, challenging and dynamic market, including a smaller number of stores and a stronger online business," he added.Shares of Wesfarmers stock was down 0.05% as of market close on Friday. Walmart, the nation's largest retailer, announced its move last week.
Target is joining Walmart in closing its stores on Thanksgiving Day, ending a decade-long tradition of jump starting Black Friday sales. Macy’s CEO Jeff Gennette said earlier this month that the department store will be pivoting its Black Friday business more toward online and will likely be going “full force” with holiday marketing right after Halloween. Target joins Walmart in ending Thanksgiving store shoppingTrump publicly criticizes task force's Dr. Birx for the 1st timeTrump considering unilateral action as stalemate over coronavirus relief continuesTrump says 'virus is receding' after Birx calls pandemic 'extraordinarily widespread'FILE - This March 18, 2020 file photo, shows a view of the Target store in Annapolis, Md. With fears of a wave of virus cases in the fall, the biggest nightmare would be if retailers had to reclose during the most critical time of the year, analysts said.
It said its holiday deals would come earlier than ever — starting in October. Team members impacted by store closures will be paid for up to 14 days of scheduled hours during store closures, including COVID-19 premium pay.
“This is going to be a very tough holiday season in terms of where sales are going to come from, “ said Joel Rampoldt, a managing director in the retail practice at AlixPartners. — Target News (@TargetNews) May 29, 2020 Target also noted that team members impacted by closures will be paid for up to 14 days of scheduled hours, including COVID-19 premium pay. But sales ended up eating into Black Friday and many critics lambasted stores for not honoring the holiday and allowing their workers to spend it with family. Target will also reopen other damaged stores in the Minneapolis/St. The timing of construction will be determined in the coming weeks, with the goal of opening in late 2020. It also will be staggering events to reduce customer traffic in the store.
In response to the backlash and also poor sales, some stores and malls like Bloomington, Minnesota-based Mall of America, reversed course and have not to opened on Thanksgiving in recent years.
The bigger question still looms on how to handle Black Friday itself, which also draws huge crowds — and sales. Stores closing in 2020: At least 320. Target is joining Walmart in closing its stores on Thanksgiving Day, ending a decade-long tradition of jump starting Black Friday sales. "Unfortunately, the disruptive and competitive nature of the retail sector requires us to make some difficult decisions to ensure we have a viable Target business into the future, while continuing the strong growth of Kmart and Catch. Posted 23 May May 2020 Sat Saturday 23 May May 2020 at 3:30am, updated 23 May May 2020 Sat Saturday 23 May May 2020 at 8:05am Target is set to close more than 160 … "In 2020, we will continue our work to de-densify our global store fleet," Jim Bell, the chief financial officer, told analysts on a recent conference call. A total of 10 to 25 large-format Target stores would be closed, and the remaining 50 Target Country stores would also be closed. Stores have slashed orders and crowds are an anathema. "With the exception of Target, Wesfarmers’ retail businesses are well-positioned to respond to the changes in consumer behavior and competition associated with this disruption. The company announced that stores will be closed on the holiday, which falls on November 26 this year.