If this was Kmart's final 6:00 a.m. Thanksgiving Day opening, the struggling retailer certainly didn't make it one to remember.
The Sears Holdings (SHLD) -owned discount chain -- which has opened for over 20 straight years on Thanksgiving Day -- saw sparse crowds at several locations TheStreet toured in Long Island, New York. Most folks in the store were picking up last minute items for their Thanksgiving Day dinner table, rather than the buy-one-get-one-free coats and sweaters Kmart had on offer. Kmart's electronics and toy sections were devoid of the deal-seekers that typically come out in force on Black Friday.
"Walmart (WMT) has better deals," said one shopper TheStreet spoke with while waiting in line for the opening of a Kmart store. Another said she thought Best Buy (BBY) and Target (TGT) had better selections than Kmart in electronics and toys.
The commentary from consumers shouldn't come as a surprise.
Kmart second quarter same-store sales fell 3.3%, representing the seventh straight quarterly decline. Sales were pressed in some of Kmart's most important categories, such as pharmacy, groceries and consumer electronics.