Macy’s, Nordstrom and Caleres Benefit from a Shift to Occasion-Based Footwear and Apparel

The last week in retail earnings exhibited a shift away from the comfort and athletic trends that defined the pandemic. Executives from Macy’s, Nordstrom and Caleres observed a shift in Q1 to dressy and casual footwear and apparel, as more people engaged in social events and in-person work. These trends were prominent in Q1 at Macy’s, which owns Bloomingdale’s. In a call with investors, CEO and chairman Jeff Gennette said sales at Macy’s were “affected by an accelerated category shift, away from the popular pandemic categories, such as casual and activewear as well as soft home, and into more occasion-based apparel, like dresses, women’s shoes, men’s clothing and furnishings.” Gennette added that this trend shift occurred faster than expected and also bolstered in-store foot traffic, with more people willing to come buy occasion items in person. In Q1, sales at Bloomingdale’s on an owned-plus-licensed basis were up 26.9%, driven by sales of dresses, men’s tailored, men’s and women’s contemporary apparel and luggage. “The shopper made a meaningful shift to post-pandemic categories, such as dresses, men’s suits, shoes, fragrances, beauty, and luggage, while pandemic categories slowed (casual, active wear, home, and soft textiles),” wrote Cowen Equity Research analysts in a note about Macy’s. At Nordstrom, another department store

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