I grew up with the perception that Penney's was Sears, except not as interesting, and I will probably never outgrow that image. But apparently some good stuff has been going on.
Penney has spent five years implementing a plan to rejuvenate its image and distinguish itself from other department stores, which as a group have failed to keep pace with a new generation of shoppers.And the result:
Early sales figures show Penney is one of the few department stores winning customers back. It reported a 3.5 percent sales increase last month.If upscale stores can't grow in an economy like this, they have serious problems. Saks may be moving toward the scrap-heap.
Federated Department Stores, whose stores include Macy's and Hecht's, reported a 3.4 percent decline last month.
Even upscale department stores, typically more immune to factors such as high gasoline prices, have struggled this season. Seattle-based Nordstrom Inc. posted a 2.8 percent increase in sales, less than the 4.6 percent increase that analysts expected. Saks Inc. saw a slim 0.1 percent sales increase for all its stores.
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