Thursday , November 26 2020

America has turned its back on big department stores – CNN, CNN


New York (CNN Business)Somehow, in the midst of a monster holiday shopping season, America’s largest department stores managed to lose sales. Despite several attempts to revamp their images, department stores have gotten the cold shoulder from shoppers.

This trend isn’t new. It has been going on forseveral years(rememberSears)?). But the 2020 holiday shopping season brought their troubles into stark relief.

Despite low unemployment and high consumer confidence,JCPenney(JCP)had a dismal holiday.Kohl’s()KSSandMacy’s(suffered, too. And Victoria’s Secret parentL Brands(LBcontinued its years-long run of losses.

JCPenney’s sales at stores and websites open for a year fell 7.5% during the holidays compared with last year. Kohl’s and Macy’s sales dropped slightly, and Macy’s said it willclose stores. Victoria’s Secret sales at stores and websites open for at least a year fell (*********************************************************% and its parent cut its earnings forecast.

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