Baby Boomers make up a sizeable chunk of the retailers' shoppers and investors aren't convinced that Gen Z and Millennials will age into shopping at the stores.
Department stores have struggled to attract younger customers and have been hurt by a pullback in discretionary spending.Oliver Chen, a retail analyst at TD Cowen said attracting younger customers has become more urgent, since the retailers have "lost so much ground already."For over a century, the stores won over multiple generations with a promise to sell shoppers a wide variety of everything.
Nordstrom is the only one of the three that has a larger base of Millennial and Gen X shoppers than Baby Boomers, with Boomers accounting for 25% of its customer base. Its customer data includes both its namesake stores and its off-price retail chain, Nordstrom Rack, which has been known to draw in younger, fashion-forward customers hunting for deals.
Beauty is one of the rare discretionary categories where shoppers have been splurging, despite inflation. Kohl's has leaned in by opening more Sephora shops inside of its stores. Macy's is opening more small-format stores across the country. They are roughly one fifth the size of its typical locations.of its an approximately 500 namesake stores by early 2027. At the same time, Macy's is trying to go where younger shoppers are, including suburban strip malls and beauty aisles.over the next two years.
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