The trend: Department stores are shifting their strategies as they try to appeal to cash-strapped shoppers and adjust to the difficult macroeconomic environment.
Macy’s futureproofs: Gennette said that while the company is taking a cautious approach after seeing more pronounced lulls during the holiday season, Macy’s is prepared to “pounce when opportunities and signals present themselves.”
Neiman Marcus courts wealthy shoppers: Neiman Marcus is leaning further into luxury to differentiate itself from the “mushy middle” department stores bearing the brunt of reduced discretionary spending.
The big picture: Department store closures are expected to outpace the industry average in 2023, per a UBS analysis reported by Retail Dive, as the sector faces rising competition from off-price and discount stores, as well as luxury retailers.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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