In the down economy, consumers are looking for ways to save money, so it’s no surprise many are turning to discount retailers. Big Research asked 8,000 consumers to weigh in on where they shopped for shoes most often during February. Shoe-specific chains including Payless, DSW and Famous Footwear joined discounters Wal-Mart and Kohl’s in the top 10.
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1. Wal-Mart
Share in February '09 10.9%
Change from February '08: 0.3% Wal-Mart is outperforming its competitors in the challenging economy by staying true to its commitment to lower prices. The discount giant’s strategy has been tweaked to include more appealing footwear brands such as L.E.I. and Danskin.
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2. Payless
Share in February '09 10.2%
Change from February '08: -0.1% This discount footwear firm continues to expand its reach, thanks to some timely celeb deals. Payless recently announced the launch of the Christian Siriano for Payless collection created by the “Project Runway” winner. His shoes and handbags will be available exclusively at Payless stores and Payless.com in September.
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3. Kohl’s
Share in February '09 5.7%
Change from February '08: 1.1% Kohl’s continues to grab shoppers’ attentions with high-wattage celebrity deals. Last month the company, in partnership with Iconix Brand Group’s Candie’s brand, signed a marketing deal with pop star Britney Spears, who will appear this year in the Candie’s Only at Kohl’s print, TV, in-store and online ad campaigns.
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4. DSW
Share in February '09 3.4%
Change from February '08: 0.5% Amid the down economy, DSW and other off-pricers have beefed up its selection of designer footwear — making them more appealing to some consumers. But the weak retail environment took a toll in the fourth quarter: Last week, DSW posted deep losses, and the same day, tapped a new president and CEO.
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5. JCPenney
Share in February '09 3.1%
Change from February '08: 0% The department store has been steadily adding new and exclusive brands including Fabulosity and Miss Bisou in a bid to up its fashion quotient. The new initiatives are backed by a high-profile ad campaign, which debuted during last month’s Academy Awards ceremony.
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6. Famous Footwear
Share in February '09 2.3%
Change from February '08: 0.5% Brown Shoe Co., the owner of Famous Footwear, plans to restructure the firm by cutting its workforce and closing 35 Famous Footwear doors. But to keep interest high, Brown Shoe also launched Fergalicious, a collection by Grammy winner Fergie, into the Famous Footwear channel for spring.
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7. Macy’s
Share in February '09 2.3%
Change from February '08: -0.4 The weakening economy has certainly taken its toll on this department store giant. In February, Macy’s eliminated 7,000 jobs, about 4 percent of its workforce. The company operates more than 810 department stores in 45 states, the District of Columbia, Guam and Puerto Rico.
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8. Foot Locker
Share in February '09 2.1%
Change from February '08: 0.2% Foot Locker has been cutting inventories and taking other steps to boost its bottom line, and now the retailer is positioned to take advantage of a rebound in the athletic market. In the fourth quarter, Foot Locker said its men’s basketball, premium classic and canvas categories were strong, but had declines in other segments, including running.
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9. Sears
Share in February '09 1.8%
Change from February '08: -0.2% Sears is fighting to stay afloat amid big financial hurdles. This month, the company unveiled a new tag line — “Sears. Life. Well Spent” — which will be featured in an advertising campaign appearing on national TV and radio and on the Internet.
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10. Target
Share in February '09 1.7%
Change from February '08: 0% Despite the economic downturn, Target opened 27 new stores this month, including the company’s first two stores in Hawaii. The openings will come just weeks after Target cut 600 employees from its headquarters, after eliminating 400 open positions there in January.
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01
Wal-Mart
Share in February '09 10.9%
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02
Payless
Share in February '09 10.2%
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03
Kohl’s
Share in February '09 5.7%
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04
DSW
Share in February '09 3.4%
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05
JCPenney
Share in February '09 3.1%
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06
Famous Footwear
Share in February '09 2.3%
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07
Macy’s
Share in February '09 2.3%
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08
Foot Locker
Share in February '09 2.1%
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09
Sears
Share in February '09 1.8%
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10
Target
Share in February '09 1.7%
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