Americans love Target. That's bad news for Macy's, JCPenney
Sales at Target stores open at least a year increased 3.4% during the summer quarter and profit rose, Target said Wednesday. Target beat Wall Street's predictions for the recent quarter and raised its profit forecast for the rest of the year. Macy's last week said that sales at stores open at least a year inched up but profit fell 48% during its most recent quarter. Target, Walmart and discount clothing chains such as TJMaxx are gaining market share against these retailers. Target and Walmart operate stores away from malls, an advantage because foot traffic is slowing at malls around the country.
Target announces big deals to compete with Amazon Prime Day
KPHO, KTVK, CNN(CNN) - Amazon has turned Prime Day into a summer shopping holiday and rival retailers like Target want to claim a piece of that spending next week. Target is running "Deal Days" on Monday and Tuesday, July 15 and 16, the same dates as Amazon's two-day Prime Day event. Prime Day has become Amazon's annual summer show of force in the shopping world. This year Amazon says Prime Day will include more than one million deals, such as steep discounts on its own Alexa-enabled devices. Nordstrom also hopes to capitalize on the summer version of Black Friday, albeit a few days after the Prime Day event.