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On 02/27/24, Macy’s announced plans to close 150 “underproductive” stores, which represent approximately 25% of gross square footage but less than 10% of sales, by the end of 2026.
According to Earnest credit card data, over 30% of Macy’s customers also shop at T.J. Maxx, Kohl’s, and Marshalls. T.J. Maxx leads all Department Stores with 37% of Macy’s customers also shopping at the brand over the prior 12 month period, followed by Kohl’s at 33% and Marshalls at 32%. This high overlap suggests these retailers may be set to benefit most among Department Stores from the closures. Ross Stores and Nordstrom Full Price round out the top 5 with 26% and 22% overlap, respectively.
Additionally, Earnest data shows Macy’s customers spend the largest portion of their Department Store wallet at The TJX Companies, with 27% share in 1Q24, up from 25% last year. Nordstrom owns the next largest share at 21%, while Macy’s share stands at 15%.
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