Walmart remains a leader in innovation and efficiency within the retail industry, a sector that is constantly evolving and quickly responding to the demands of an increasingly digital and conscious consumer. Recently, it was announced that the brand will soon close several stores in various locations across the United States for Thanksgiving Day.
As one of the most significant retail chains in the country, Walmart reported revenues of approximately $648 billion worldwide for the fiscal year ending January 31, 2024, according to Statista. The same source noted that in 2021, Walmart was the world’s largest retailer of fast-moving consumer goods, generating revenues of about $573 billion. Amazon.com followed in second place with revenues of approximately $470 billion.
Walmart’s Store Closures
Walmart announced that all its stores in New York will close on Thanksgiving Day, marking the fifth consecutive year that the company has made this decision. This closure allows employees to enjoy a day off to spend time with their families, according to the company.
“Walmart stores will be closed once again on Thanksgiving Day so associates can spend the day with their families,” the company stated.
Historically, Walmart had opened its stores on this holiday to give customers the opportunity to purchase last-minute items for their dinners. However, since the COVID-19 pandemic, the chain has opted to keep its doors closed on this date.
Previously, the company had not closed its stores on Thanksgiving since the 1980s, with the exception of Christmas.
Sam’s Club Raises Wages
In addition, Sam’s Club, which is part of the same conglomerate as Walmart, announced an increase in average hourly wages for nearly 100,000 of its workers. This change, which will take effect before the busy holiday shopping season, will raise the minimum wage to $16 per hour, up from the $15 minimum established three years ago.
“In an increasingly competitive retail landscape, attracting, hiring, and, more importantly, retaining quality talent has become a true competitive advantage,” said Sam’s Club.
The new pay plan also ensures that wages will grow at a faster pace, increasing by 3% to 6% based on years of service. It is expected that the average hourly rate for employees will exceed $19, excluding bonuses. This new pay structure will go into effect on November 2 of this year.
Many retailers are implementing various strategies for their employees during this special and festive time.
It is worth mentioning that Thanksgiving will fall on November 28 this year, and other major retailers such as Target, ALDI, and Costco have also confirmed they will close their doors for the holiday.
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