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…
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.
Baby Boomers are age 60 or older, according to Numerator's definition. The firm defines Gen X as between ages 43 and 59. Numerator puts Millennials in the age 29 to 42 range, and Gen Z between 18 and 28, since it only collects data from consumers 18 or older. Chen said the retailers are paying more attention to the problem, since Macy's and Kohl's both have new CEOs and all three are trying to improve their private brands. The lines can help a retailer stand out because they are exclusive and often priced lower than national brands.
"When they come in for Sephora, we want to make sure we can give them product they want as well," Kingsbury said.to range from a 1% decrease to 1% increase for the full year, and comparable sales to range from flat to 2% higher.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.
Some of that boils down to what the Seattle-based retailer carries: Nordstrom has been quicker to sign deals with hot brands and direct-to-consumer names, such as Skims, Kim Kardashian's shapewear company; and Beis, the handbag and luggage brand started by actress Shay Mitchell. It launched Australian fashion brand Princess Polly in January and timed the debut of millennial-focused fashion brand Nasty Gal with an activation in Los Angeles coinciding with Coachella.
Like Macy's and Kohl's, though, Nordstrom has a lackluster forecast: It expects full-year revenue, including retail sales and credit cards, will range from a 2% decline to a 1% gain compared with the previous fiscal year, which had an additional week.
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