Comparable store sales at Target fell well below the previous year, joining a growing list of retailers reporting meager performances during the critical holiday shopping season.
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Target's disappointing growth of 1.4% percent for November and December, dragged down by toys and electronics, fell well below the previous year. Target joined a growing list of retailers reporting meager performances during the critical holiday shopping season. “We are seeing a healthy consumer that is choosing different ways to spend the same amount of money,” said Joel Bines, managing director at consulting firm AlixPartners."The consumer today is presented with an array of options for virtually every product you can think of from footwear to apparel to toys and games to electronics."
Jim Silver, editor-in-chief of TTPM.com, a toy review site, believes Amazon picked up market share in toys this past holiday season, based on his talks with toy manufacturers. He also noted that the demise of Toys R Us in 2018 has hurt impulse buying.Target's digital sales rose 19%, also down from last year's jump of 29%.
Other department stores, namely those in malls, have not had the same success. J.C. Penney, Kohl's and L Brands, the parent company of Victoria's Secret, all reported holiday sales declines. Macy's reported a small decline in holiday sales, though it was better than what investors had expected.
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