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A department store no one talks about is beating Wal-Mart, Amazon, and TJ Maxx
(Reuters) Department store chain Kohl's is women's favorite place to shop for clothes, according to a new Piper Jaffray report on female shoppers' spending habits.
Coming in second place behind Kohl's was Macy's, followed by JCPenney, Wal-Mart, Amazon, Target, TJ Maxx, Old Navy, Sears, and Levi's.
Piper Jaffray surveyed more than 1,000 women for the report.
(Piper Jaffray)
Kohl's has been the first choice among women for the last four surveys.
It was also cited among the top stores where women are beginning to shop, as shown in the chart below.
(Piper Jaffray)
So why is Kohl's so popular?
The midmarket department store offers deep discounts on national clothing brands such as Nike, Vera Wang, and Izod.
The thrill of finding good deals keeps bargain hunters coming back, according to Pam Goodfellow, an analyst for Prosper Insights & Analytics.
That has hurt competitors such as Wal-Mart, which offers low prices every day.
(AP) Bella Thorne shops Candie's brand at Kohl's in Los Angeles. Nearly 12% of people who buy groceries at Wal-Mart shop most frequently for women's apparel at Kohl's, a ccording to a Prosper survey .
" That’s a potential $7 billion walking out of Walmart’s doors and into the open arms of Kohl’s," Goodfellow writes on Forbes.
Kohl's reported a profit of $369 million, or $1.83 a share, in the most recent quarter ending January 31, while revenue climbed 3.9%, to $6.34 billion.
The company's shares have risen more than 33% over the last year. By comparison, Macy's and Wal-Mart shares have grown by 6% and 10%, respectively, while Sears and JC Penney's shares have fallen by more than 14%.
(Yahoo Finance)
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