Macy’s chief sees $10 billion in sales up for grabs because of the flood of retail bankruptcies taking place and accelerated due to the coronavirus pandemic.
“We see there’s about $10 billion worth of opportunity that’s up for grabs right now based on on what’s going on with the competitive climate,” he went on, saying Macy’s may look to add new categories in its stores based on what some of these bankrupted companies’ former customers might be searching for. He did not provide specific examples, however.
Already during the pandemic, department store chains Neiman Marcus, Stage Stores and J.C. Penney have filed for bankruptcy protection. Gordmans’ owner Stage Stores could liquidate if it does not find a buyer. Penney is planning to shut about 30% of its stores, or about 240 locations, as part of its restructuring. Nordstrom is shutting 16 stores permanently.