It’s a sure sign of the holidays when the pronouncements of a major department store chain makes waves.
J.C. Penney (NYSE: JCP) is opening its doors on U.S. Thanksgiving (Thusrday, November 23) an hour earlier this year, the retailer announced Monday, keeping with an industry-wide trend to get a jump-start on seasonal deals.
Penney's doors will open for 2017's Turkey Day at 2 p.m., compared with 3 p.m. in past years.
Meantime, Penney's department store peers Macy's (NYSE: M) and Kohl's (NYSE:KSS) are both opting to open at 5 p.m. this year. While Macy's didn't adjust its hours, Kohl's shifted to kick things off one hour earlier.
Big-box retailer Target (NYSE: TGT) also on Monday unveiled its Thanksgiving store hours, planning to open at 6 p.m., while Wal-Mart (NYSE: WMT) has yet to announce its holiday schedule. New to this year, Target will close briefly at midnight and reopen its doors at 6 a.m. on Black Friday.
On the whole, retailers are pushing deals and sticking with early openings this holiday season.
Penney's, though, could arguably use a boost this holiday season more than most.
Just last month, the retailer slashed its 2017 profit and comparable sales forecasts, sending Penney's shares to an all-time low. Chief Executive Marvin Ellison explained the company has been discounting heavily ahead of the holidays to get rid of excess inventory.
Then, just last Friday, Penney's revealed that its current chief merchandising officer, John Tighe, will be leaving the company and won't be replaced.
Penney shares jumped 16 cents, or 6.8%, to $2.53 in Monday’s last hour of trade.
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