The Special Hours feature allows you to set opening hours for specific dates/times for holidays, special events and other periods.
Video Guide

Written Guide
Here are the steps to setup Special Hours:
1. Go to Settings > Location > Special Hours.

2. Click "Add Special Hours Slot".

3. Configure the date, hours and if it's open or close.

4. Take note that you need to uncheck the "Opened" box if your store will be closed that date.