The shift hurt department stores, which fell 7% as a group, the hardest. Kohl's plunged 11.4%, Macy's Inc. dipped 7.9% and J. C. Penney dropped 7.5%. Even Nordstrom, which had a monthly average increase of 5.2% in 2007, fell 4%.
Apparel was also negatively impacted, with those chains falling 4.4% as a group. Chico's FAS had a 13.7% skid, Ann Taylor slipped 9.4% and Cato Corp. and Limited Brands each dropped 8%. Ross Stores was the bright spot in the sector, rising 3%.
Discounters actually fared better, with a 2.2% gain, than they had since August. The jump was bolstered by Wal-Mart's 2.6% rise, and TJX Cos. posted a 3% gain. Target crept up 0.6%, while Family Dollar fell 0.7%. ICSC's research team predicts a 1.5% to 2% rise for chain stores overall this month.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
