- Personal Finance
Is Your Favorite Store Open this Holiday
Monday is trash day at my house. Without a hick up, my wife always asks if the trash is going to be picked up on Labor Day. I figured she would know the answer by now. We have lived on the same street in the same house for 17 years. Typically, I would do my best to make a witty remark as I answer no and fall back to sleep but today I hopped out of bed and put the three trash cans out on the curb.
In the past few years, companies have changed the way they have viewed National holidays. Traditional retail in general has seen some significant trends and there could be several factors that may have inspired large retail stores in metropolitan areas to stay open longer and during significant National holidays.
We're Open 24/7
A number of stores have opted to remain open 24 hours a day, 7 days a week. In our area 7-Eleven is open every day 24 hours a day. There are a couple of supermarkets, the local Walgreens and a Walmart that are open 24 hours as well.
I have strolled through the aisle of these stores during the vampire hours and notice that the customer count and items in the basket are low. The reduced work force are typically restocking the shelves. This leads me to believe it is a win-win scenario. The store is going to be open since they are restocking and the customers that do visit the store are providing incremental business that would be lost if the registers were not open.
Other business that I have found open 24/7 are national restaurants like Denny’s and some select 24 hour fitness gyms.
Have you ever waited in line for a Black Friday Door Buster?
Black Friday Door Busters
Retailers know that the busiest time of the year is anchored around Christmas. The term “Black Friday” was originally used to describe the heavy retail pedestrian traffic in Philadelphia in 1961 the day after Thanksgiving. In the mid-seventies the phrase “Black Friday” was used as a retail campaign name.
Today Black Friday is one of the heaviest days of retail promotion. Retail stores throughout the United States create “door buster specials” in order to lure customers into the store and inspire a buying frenzy. Some the Black Friday sales start as early as Thanksgiving Day.
This year many retailers will open their doors on Thanksgiving Day. Last year, Kmart opened at 6am, Walmart 6pm and Target 8pm. Consumers dedicated to getting the door buster deals typically gather in line for hours before the store opens.
No major retailer is open on Christmas Day. If you missed purchasing a gift for that special someone you may find yourself hard pressed to find an ideal present.
Don’t despair there is a chance that there is a store open. If you are in a metropolitan area, typically CVS or Walgreens are open limited hours on Christmas. Perhaps one day a prominent retailer like Walmart or Target to will start the trend and open on Christmas Day.
New Year's Day
For years Retailers where closed on New Year’s Day but there has been a shift. New Year’s Day is a strong retail day and stores across the Nation have taken note.
Establishments like Costco, Walmart, Lowes, Home Depot, Target and your local Supermarket may be open on New Year’s Day. Many have started the after Holidays Clearance with incredible savings on overstocked merchandise on New Year's Day.
OMG! A Vicarious 2013 Black Friday shopping experience.
As eCommerce continues to grow traditional retailers are feeling the side effects. The reality is the consumer pie is not getting bigger in fact it is shrinking in the middle income sector.
Too add to the complexity the internet and retail shopping cart is being filled with less items that are more expensive. The result is the average order value (AOV) has increased but the items per transaction (IPT) has decreased.
Traditional retail stores have challenges battling against internet retail. Some traditional retailers have instituted a price matching initiative. However, internet stores are open 24/7/365. Traditional retailers may have answered this by extending their hours of operations and being open on holidays.
For the percentage consumers that enjoy physically shopping traditional retail is able to capture a higher IPT by offering amazing deals and creating displays that encourage impulse purchasing.
Traditional and internet retail are here to stay both have its pros and cons. Large organizations that have an eCommerce site and Traditional stores benefit tremendously. These companies are defined as an Omni-Channel retailers and in one way or another they are open on the holidays.