Less than two weeks ago, retail legend Les Wexner called department stores “irrelevant.” This week, JCPenney CEO Myron Ullman says his troubled company may post positive same-store sales comps for the first time in ages.
Contradiction? Wexner made his remarks at his company's recent investor conference presentation. In addition to noting the expansion of La Senza into the United States and the growth of Victoria's Secret, Pink and Bath & Body Works overseas, Wexner just had to dismiss the larger format stores—and even the malls that house his own shops.
“The average Apple Store probably draws more traffic to a shopping center than any department store does,” he said. “And it's probably healthier traffic in terms of its age and what that traffic would mean in terms of opportunity for us.”
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