Signs are posted at the entrance to a Macy’s store that is set to close at Bay Fair Mall on February 27, 2024 in San Leandro, California. Macy’s announced plans to shutter 150 underperforming stores across the United States.
Justin Sullivan | Getty Images News | Getty Images
Macy’s hasn’t yet shut the approximately 150 stores it plans to close. But retail competitors already smell opportunity.
In recent interviews with CNBC, Target CEO Brian Cornell and Kohl’s CEO Tom Kingsbury said the department store’s decision to shrink its footprint gives them a chance to increase their own sales.
Off-price chain T.J. Maxx could pick up more business, too, since it carries similar merchandise and has stores near Macy’s locations that might shut, according to Jefferies.
And many other retail names, including off-price chain Ross and department store rivals like Nordstrom could benefit from the…
