Shoppers are abandoning Kohl's and Gap, as both retailers recently reported a decline in sales. Here's what's behind it.
Tom Kingsbury
explained, the company has been working over the last two quarters to reduce its general promotions and eliminate online-only offers in order to simplify its pricing and make discounts more targeted. "Most of our decrease came from digital, and that was somewhat self-inflicted because we have reduced the amount of online only general public offerings," Kingsbury said during the call."As far as digital goes, we see it improving as we progress through this year," Kingsbury said."And then obviously, we anticipate back to growth in 2024, once we anniversary all these online only promotions that we had.
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