Weak holiday sales at Kohl’s, J.C. Penney spell further trouble for traditional retailers GlobeBusiness
The Menomonee Falls, Wisconsin-based department store operator’s shares fell 8% as it posted a 0.2% drop in comparable sales in November and December.In a bid to drive foot traffic, Kohl’s formed a partnership with Amazon.com Inc, allowing customers nationwide to buy and return products such as Echo dot speakers at its stores.
Penney’s chief executive officer Jill Soltau is attempting to buck the trend of troubled bricks-and-mortar retailers failing amid the rise of Amazon and dominance from larger rivals such as Walmart Inc and Target Corp. In addition, Plano, Texas-based Penney faces competition from discount retailers like TJX Cos Inc’s Marshalls and T.J. Maxx chains.
Soltau has shifted Penney’s strategic priorities to refocus on the retailer’s once-thriving, higher-margin apparel business and chose to stop selling major appliances and limit furniture offerings. The moves have contributed to near-term financial pain. Data from Mastercard in December showed U.S. e-commerce sales in the period from Nov. 1 through Christmas Eve rose 18.8%, while overall holiday retail sales, excluding autos, rose just 3.4%.Macy’s Inc, however, surprised investors on Wednesday with a smaller-than-feared drop in holiday season sales after trimming its own full-year forecast just two months ago.
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