Target Corp. will not only be closed on Thanksgiving this year but will continue to be closed on the holiday in the future, CEO Brian Cornell told employees in a memo Monday.
Cornell said although the retailer closed on the holiday last year as a temporary measure driven by the pandemic and social distancing mandates that were contrary to massive bargain-hunting crowds, "Thanksgiving store hours are one thing we won't 'get back to' when the pandemic finally subsides."
"You don't have to wonder whether this is the last Thanksgiving you'll spend with family and friends," he said in the memo, a copy of which was given to MarketWatch.
He said the Thanksgiving closure will be the company’s “new standard — one that recognizes our ability to deliver on our guests' holiday wishes both within and well beyond store hours."
Target (NYSE: TGT) announced in January of this year that it would close on Thanksgiving 2021, crediting initiatives including offering savings throughout the holiday season and enhancing its price match policy for strong performance in November and December of 2020.
Ahead of this year's holiday season, Target has partnered with buy now, pay later companies Sezzle and Affirm to offer shoppers installment payments while encouraging them to start their holiday shopping early to avoid potential shortages and supply chain snarls.
Target Corp. last week posted better-than-expected sales and earnings for the third quarter and sounded a confident note for crucial holiday shopping season after efforts to ward off supply-chain headaches.
The company earned $1.5 billion or $3.04 per share in the quarter, up from $1 billion or $2.01 per share in the same period a year ago. Adjusted earnings were $3.03 per share, up from $2.79 last year.
Sales rose to $25.65 billion from $22.63 billion in the year-ago period. Comparable sales rose $12.7%, with double-digit increases in in-store traffic as well.
Other large retailers, including Best Buy, Walmart and Kohl’s, also will be closed on Thanksgiving this year.