On this episode of the Remarkable Retail podcast, Steve Dennis and Michael LeBlanc break down a packed earnings season—and what it reveals about who's winning, who's stalling, and who's running out of road. They size up Macy's, Kohl's, JCPenney, Victoria's Secret, Gap, and Costco, plus the off-price sector's continued surge. Steve brings back retail observations from his trip to Portugal and Spain, while the duo digs into the race to the doorstep, Saks Global's bankruptcy exit, and what mounting geopolitical uncertainty means for retailers worldwide.
On Episode 304 of the Remarkable Retail podcast, co-hosts Steve Dennis and Michael LeBlanc dig into a busy earnings season, the global forces reshaping retail, and the competitive divides separating winners from also-rans.
They open with the department store sector, which Steve frames as "The Good, The Bad, and The Ugly." Macy's shows incremental progress and Bloomingdale's posts double-digit growth, but Kohl's stays stuck and JCPenney's latest numbers underscore the structural problems dogging traditional operators. The throughline: shifting market share, real estate decisions, and changing consumer behavior keep narrowing the path forward for the format, and the gap between the sector's healthier players and its laggards continues to widen.
From there, the hosts turn to retail's brighter turnaround stories. Victoria's Secret keeps building momentum with stronger comps and improved profitability, while Gap Inc. shows how disciplined brand management and sharper product focus can revive a business. They also weigh the intensifying competition among athleisure brands as the category's leaders pull further ahead and the middle of the pack scrambles to keep up.
Value retailing is the episode's recurring theme. TJX, Ross Stores, Burlington, and Five Below all posted strong results, reinforcing the durable consumer shift toward value and the treasure hunt. Steve and Michael explore why off-price keeps outperforming while dollar stores wrestle with a tougher customer—and they spotlight Costco, where fuel, membership economics, and traffic-driving loss leaders keep the warehouse club model ahead of much of the sector.
Drawing on his recent travels through Portugal and Spain, Steve shares observations on European retail: the distinct dynamics of specialty players, the enduring pull of department stores like El Corte Inglés, and one of the world's most remarkable retail experiences, Livraria Lello in Porto, a bookstore so beloved that shoppers pay admission and book a timeslot just to get in.
The episode closes with Walmart's fast-expanding same-day delivery, the rise of faster fulfillment across retail, Saks Global's exit from bankruptcy, and the geopolitical risks looming over supply chains and consumer spending. Michael also previews his visit to T&T Supermarket's first California store—a reminder of how much innovation is still alive in modern grocery. It's a wide-ranging look at a sector where the winners are pulling away and the stragglers are running out of time.