As Macy’s plans to close around 150 stores, its retail competitors are already seeing this as an opportunity to increase their own sales. Target CEO Brian Cornell and Kohl’s CEO Tom Kingsbury both expressed their optimism in recent interviews with CNBC, stating that Macy’s decision to shrink its footprint gives them a chance to grow their businesses. Jefferies also pointed out that off-price chain T.J. Maxx could benefit from the closures, as it carries similar merchandise and has stores near Macy’s locations that might shut down. Additionally, other retail names such as Ross and Nordstrom could also see a boost in sales, as they already have many Macy’s shoppers as their customers, according to an analysis of credit card data by Earnest Analytics. With Macy’s facing pressure to improve its business, the announcement of closing more than a quarter of its namesake stores comes as a strategic move to address lackluster sales.
2024-04-01 12:57:40
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