Mall-Based Retailers Feeling Pain After Shoppers Turn Away
- J.C. Penney, L Brands and Macy’s post drops in holiday sales
- Results reinforce that competitors are taking market share
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Grim news continues to roll in for mall-based retailers, with several companies reporting declines in a key sales metric over the holiday period despite a broader rise in consumer spending.
J.C. Penney Co. and L Brands Inc. reported drops in same-store sales, a critical measure of retail success, as did Macy’s Inc. earlier this week. The trend extended to retailers largely outside malls, such as Kohl’s Corp. which also posted a decline, while Bed Bath & Beyond withdrew its financial projections amid weak results.