J.C. Penney (JCP) once again went all-in on Thanksgiving, opening early nationwide for the second straight year and staying open through the night. Unfortunately, all those extra hours are still not going to help the stock in the long run, said Phil Bak, CEO of ACSI Funds.

"Customer satisfaction has declined 3% in the past year at J.C. Penney," said Bak. "Actually, it was already low to begin with, which means customer retention will be a challenge even if they aggressively discount."

Two weeks ago, the retailer reported an adjusted loss of 21 cents a share, which was in line with analyst estimates. J.C. Penney, up 40% year-to-date, generated net sales of $2.857 billion, a 1.4% decrease from the year ago period and also less than what analysts were expecting for the quarter.

ACSI Funds seeks to provide broad equity exposure to investors through its proprietary American Customer Satisfaction Index to predict changes in public company earnings and performance, Bak said.

Bak is also negative on Macy's (M) , which has seen its shares surge 16% since election day, primarily due to its decision to close underperforming stores.

"Macy's has had terrible customer satisfaction in their brick-and-mortar stores, and it's even worse online," said Bak. "Macy's is not even close to the class of a Nordstrom (JWN) and has fallen even closer to Walmart (WMT) ."

Sears (SHLD) , which is down 39% year to date, is another old-school retailer that Bak is avoiding due to its poor customer satisfaction. Bak said competition from other retailers in 2017 it will make it "harder for them to survive."

Finally, Bak is anything but bullish on Walmart, which has seen its stock drop 16% thus far in 2016.

"Walmart has always been at the bottom of all retailers when it comes to customer satisfaction," said Bak. "And now we are starting to see Costco (COST) steal share from Walmart as more bargain hunters widen their searches."

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