Kohl’s, Penney report weak holiday sales
NEW YORK (AP) — Mallbased retailers J.C. Penney, Kohl’s and Victoria’s Secret parent reported sales declines for the holiday season, underscoring continued challenges ahead from online rivals and other lowprice competitors.
The reports, issued Thursday, come one day after Macy’s reported a small decline in holiday sales, though it was better than what investors feared.
The weak results come as overall retail sales are expected to have increased for the holidays, boosted by a strong economy. However, the divide between the winners and losers is widening. Discounters, feeling pressure from online behemoth Amazon, have been speeding up their deliveries and sprucing up their assortments. Stores like T.J. Maxx, which offer deep discounts on coveted brands, also have been resonating with shoppers.
But mall-based retailers have been too slow to react to the increasing competition and also are struggling to get shoppers back at shopping centers.
J.C. Penney, which is trying to claw its way back from a disastrous reinvention plan back in 2012, says sales at stores opened at least a year dropped 7.5% for the November and December period.