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Macy’s CEO: Opening on Thanksgiving Day Is Here to Stay

Retailers staying open on Thanksgiving Day isn’t going away, according to Macy’s (M) CEO Terry Lundgren.
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Retailers staying open on Thanksgiving Day isn’t going away, according to Macy’s (M) CEO Terry Lundgren. ‘Consumers [have] spoken and said ‘I’m going to shop whether you’re open or not because the Internet is open all the time - so I’m going to shop on Thanksgiving evening,’ he said. Macy’s opened at 6pm on Thanksgiving Day this year and last year, two hours earlier than in 2013. In 2012, the retail giant opened at midnight. Though rival J.C. Penney (JCP) opened its doors at 3pm on Thanksgiving, but workers aren’t required to work on the holiday. ‘I think people are trying to get market share,’ Lundgren added. Lundgren said Macy’s hires 85,000 workers for November and December. ‘We have the luxury of saying, ‘if you’d like to work [on Thanksgiving Day] great, if not that’s okay too.’ The quest to lure shoppers comes amid retail’s rough year. TheStreet's Scott Gamm reports.

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