Big Lots CEO: Opening on Thanksgiving was a mistake

Those opposed to shopping on Thanksgiving may have won a convert to their side.

Big Lots Inc. CEO David Campisi said the Columbus-based discount retailer erred in extending operating hours into the Nov. 27 holiday, as many of his compatriots did in a trend that picked up steam this year.

"I'll be the first to say as a retailer of 35 years, the industry made a bad move by doing what we did, extending hours on Thursday," he said this week in a discussion with stock analysts. "We've taken the wind out of what was once a sense of urgency. There were no lines out there at any retailer at 4 or 5 or 6 a.m. on Friday."

Big Lots executives visited competitors and in some cases, he said, "didn't see one person at the cash register" at 9 a.m. on Black Friday, which used to launch the all-important holiday shopping season until merchants decided to open stores the day before the holiday.

Big Lots opened its stores from 7 a.m. to midnight on Thanksgiving and wasn't the only retailer to be disappointed with the start to the traditionally big shopping weekend.

But the sales drop wasn't unexpected. With the company's new approach to merchandise, it has quit selling a variety of things it used to stock, most notably televisions and e-tablets, traditionally attractive "door buster" products for many retailers on Black Friday, Big Lots included.

Campisi noted that while sales volume was down, fewer of those deeply discounted promotions meant sales were more profitable.

"Our math suggests it would be very difficult to make money at those prices," CFO Tim Johnson said. "We make money on Thanksgiving. We make money on Black Friday. ... We chose not to participate in the high-ticket, low-low-margin electronics business."

Dan Eaton covers retailing and restaurants for Columbus Business First.