Macy's Inc. is capturing luxury market share as its A Bold New Chapter turnaround plan yields results. The company's primary competitor, Saks Global, recently filed for Chapter 11 bankruptcy.
Macy's closed 150 underperforming stores to reinvest in its high-performing luxury brands. The retailer focused its capital on Bloomingdale's and Bluemercury.
Bloomingdale's holiday revenue increased by nearly 10%. This growth drove positive comparable sales across the organization.