From CNBC: 2024-04-01 13:57:40

Macy’s has not closed the 150 stores it plans to shutter, giving competitors like Target and Kohl’s a chance to capture market share. Off-price chains like T.J. Maxx and Ross could benefit as they attract similar customers. Macy’s closures could put up to $2 billion in market share up for grabs.

Off-price chains like T.J. Maxx and Marshalls have an advantage with Macy’s closures, as they draw a similar affluent customer base. About a third of Macy’s shoppers also frequent Kohl’s. TJX stores are more convenient, with 2,500 locations in the U.S. compared to Macy’s 350 namesake stores after the closures.

Kohl’s CEO sees an opportunity for growth with Macy’s closures, as Kohl’s has quality locations in strip centers. Meanwhile, Macy’s is adapting by opening smaller stores in strip centers and adding off-price shops inside larger stores. Target plans to expand with over 300 new stores in the next decade, potentially gaining customers from Macy’s closures.



Read more at CNBC: Target, Kohl’s, TJX could benefit