"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-04-13T14:59:20Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2020/04/10/jcpenney-history-origin-story-orig.cnn"
data-branding-key=""
data-video-slug="jcpenney history origin story orig"
data-first-publish-slug="jcpenney history origin story orig"
data-video-tags="companies,jcpenney,business and industry sectors,business, economy and trade,continents and regions,north america,northwestern united states,retail and wholesale trade,shopping centers,the americas,united states,wyoming"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-04-13T14:59:20Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2020/04/10/jcpenney-history-origin-story-orig.cnn"
data-branding-key=""
data-video-slug="jcpenney history origin story orig"
data-first-publish-slug="jcpenney history origin story orig"
data-video-tags="companies,jcpenney,business and industry sectors,business, economy and trade,continents and regions,north america,northwestern united states,retail and wholesale trade,shopping centers,the americas,united states,wyoming"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-29T12:02:14Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/27/buy-now-pay-later-zw-orig.cnn-business"
data-branding-key=""
data-video-slug="buy now pay later zw orig"
data-first-publish-slug="buy now pay later zw orig"
data-video-tags="banking, finance and investments,business, economy and trade,consumer loans and credit,personal debt and bankruptcy,personal finance"
data-details="">
Video Ad Feedback
Young shoppers love buy now, pay later. Here's why that might be a problem
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-22T00:45:34Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/media/2022/06/22/zuckerberg-meta-avatar-fashion-moos-pkg-vpx.cnn"
data-branding-key=""
data-video-slug="zuckerberg meta avatar fashion moos pkg vpx"
data-first-publish-slug="zuckerberg meta avatar fashion moos pkg vpx"
data-video-tags="arts and entertainment,business and industry sectors,business, economy and trade,electronic commerce,fashion design,internet retailing,jeanne moos,misc people,online and home shopping,retail and wholesale trade,specialty store"
data-details="">
Video Ad Feedback
Meta launches online store to purchase clothes for your avatar
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-09T12:47:28Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/06/fresh-money-lug-bags-orig.cnn"
data-branding-key="fresh-money"
data-video-slug="fresh money lug bags orig"
data-first-publish-slug="fresh money lug bags orig"
data-video-tags="business, economy and trade,business and industry sectors,retail and wholesale trade,online and home shopping,economy and economic indicators,economic indicators,consumer behavior,companies,qurate retail group,qvc,company activities and management,computer science and information technology,mobile apps,mobile technology,new products,product management,software and applications,technology"
data-details="">
Video Ad Feedback
The story behind the bag that sold out in 2 minutes
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-03T21:45:47Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/03/queen-elizabeth-platinum-jubilee-business-profits-uk-moet-hennessy-champagne-qmb-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="queen elizabeth platinum jubilee business profits uk moet hennessy champagne qmb vpx"
data-first-publish-slug="queen elizabeth platinum jubilee business profits uk moet hennessy champagne qmb vpx"
data-video-tags="alcoholic beverages,beverages,british royal family,business and industry sectors,business, economy and trade,celebrities,companies,consumer products,continents and regions,europe,food and drink,kinds of foods and beverages,lvmh,misc people,northern europe,queen elizabeth ii,united kingdom"
data-details="">
Video Ad Feedback
Here's how much businesses are raking in from the Queen's Platinum Jubilee
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-05-23T17:41:10Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/05/23/marketplace-europe-patek-philippe-watches-hiphop-nft-crypto-customers-vpx.cnnbusiness"
data-branding-key="marketplace-europe"
data-video-slug="marketplace europe patek philippe watches hiphop nft crypto customers vpx"
data-first-publish-slug="marketplace europe patek philippe watches hiphop nft crypto customers vpx"
data-video-tags=""
data-details="">
Video Ad Feedback
Patek Philippe president welcomes hip-hop and NFT fanatics
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-05-23T13:46:43Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/05/23/marketplace-europe-inflation-luxury-brands.cnnbusiness"
data-branding-key="marketplace-europe"
data-video-slug="marketplace europe inflation luxury brands"
data-first-publish-slug="marketplace europe inflation luxury brands"
data-video-tags="arts and entertainment,business and industry sectors,business, economy and trade,consumer products,fashion design,leisure and lifestyle,luxurious living,luxury goods,price increases"
data-details="">
Video Ad Feedback
Inflation is pushing up high fashion prices. Luxury buyers don't seem to mind
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-05-09T20:18:53Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/05/09/facebook-meta-first-physical-retail-store-orig-ht.cnn-business"
data-branding-key=""
data-video-slug="Facebook meta first physical retail store orig ht"
data-first-publish-slug="Facebook meta first physical retail store orig ht"
data-video-tags="business and industry sectors,business, economy and trade,california,companies,company activities and management,company structure and ownership,computer science and information technology,continents and regions,facebook,north america,retail and wholesale trade,software and applications,southwestern united states,technology,the americas,united states,virtual reality"
data-details="">
Video Ad Feedback
Facebook's parent company has a brick and mortar store. See what's inside
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-03-12T02:36:54Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/03/11/walgreens-cooler-screens-reaction-ht-orig.cnn-business"
data-branding-key=""
data-video-slug="Walgreens Cooler Screens reaction ht orig"
data-first-publish-slug="Walgreens Cooler Screens reaction ht orig"
data-video-tags="business and industry sectors,business, economy and trade,companies,internet and www,marketing and advertising,marketing and advertising channels,social media,social media marketing,technology,walgreens"
data-details="">
Video Ad Feedback
New tech in Walgreens brings mixed reactions, confusion online
03:33
Now playing
- Source:
CNN Business
New YorkCNN Business
—
Macy’s released its preliminary earnings for the first quarter, and it ain’t pretty.
The company said it expects it lost as much as $1.1 billion between February and May, blaming its losses on lockdown measures that governments imposed because of coronavirus.
The company was forced to close stores on March 18 because of the coronavirus outbreak, causing sales to plunge by as much as 45%, the company said Thursday.
The pandemic has exposed the stark divide in the retail sector. Panic shopping has lifted big box chains such as Walmart
(WMT), Target
(TGT) and Lowe’s
(LOW) that were deemed essential during the pandemic and stayed open.
But it has battered department and clothing stores that shut down and pushed already struggling chains like JCPenney
(JCP) and Neiman Marcus into bankruptcy.
Kohl’s
(KSS)said earlier this week that sales fell 43% last quarter, while sales at L Brands
(LB), the parent company of Victoria’s Secret and Bath & Body Works, dropped 37%.
Macy’s, Kohl’s and L Brands’ results reflect how reliant traditional apparel chains are on customers coming into stores and raise doubt about their ability to survive in the long run.
“We experienced a steady uptick in our digital business in April, which was encouraging, but only partially offset the loss of sales from the stores,” CEO Jeff Gennette said in a statement.
Macy’s began reopening stores on May 4 – just a couple days after its first fiscal quarter came to a close. As of this week, it has approximately 190 Macy’s and Bloomingdale’s stores open. The company hopes to have more than 500 stores open by mid-June.
Macy’s is limiting the number of customers allowed inside stores that are reopening and installing social distancing signs and markers. Customers will be required to use hand sanitizer before trying on jewelry or watches. And Macy’s has suspended ear piercings, bra fittings and tailoring services.
The company says it’s working: “With two weeks of results from reopened stores, customer demand is moderately higher than we anticipated,” Gennette said.
