Target and TJMaxx are killing department stores
CNNNew York CNN Business — Department stores like Macy’s have a big problem, and it’s not Amazon: Discount retailers Target and TJMaxx continue to take their customers. Macy’s posted a sales decline of 3.9% at stores open for at least a year, the company said Thursday. Kohl’s sales at stores open for at least a year last quarter ticked up just 0.4%, while JCPenney’s fell 6.6%, excluding the impact from JCPenney’s decision to discontinue selling appliances and furniture. “For Kohl’s, we stand for value, we stand for style relevancy and we really stand for that casual apparel.” However, consumers keep spending on clothes and home goods at discount companies like Target, Walmart, TJMaxx and Marshalls Target’s sales at stores open for at least a year and online increased 4.5% last quarter, including a 10% growth in clothing sales.
History of this topic
A tale of two retailers: Target reverses sales slump while Macy’s reports another quarterly decline
Associated Press
Macy's to slash 2,350 jobs and ax FIVE stores as it becomes latest victim of America's 'retail apocalypse'
Daily Mail
TJ Maxx is one of the hardest stores to socially distance in
CNN
Pandemic highlights big box stores’ ability to pivot
Associated Press
Macy’s to close 125 stores, shed 2,000 corporate jobs
Associated Press
Macy’s will close 125 stores in the next three years
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