- American Eagle Outfitters CEO Jay Schottenstein said he expects mall traffic to rebound and the next decade to be a boon for business as consumers emerge from the coronavirus pandemic with confidence.
- "We're very excited, you know, about the future of the mall ... and we think that when things get better and the pandemic goes away … we can be looking at the 'Roaring 20s,'" he said in a "Mad Money" interview.
- "The mall is not dead. The mall is still alive," Schottenstein said.
American Eagle Outfitters CEO Jay Schottenstein said Thursday that the U.S. shopping mall "is not dead" and that the decade is shaping up to be a boon for business.
The apparel retailer anticipates extending its double-digit comparable sales growth streak to 27 quarters and retaining its position as a leader in denim, Schottenstein said in a CNBC appearance.
"We're very excited, you know, about the future of the mall," he said in a conversation with Jim Cramer on "Mad Money," "and we think that when things get better and the pandemic goes away … we can be looking at the 'Roaring 20s'."
Schottenstein is one of many hopeful figureheads who predict the current decade will mirror the growth of a century ago. Consumer spending, spurred in part by the latest round of stimulus checks, surged nearly 10% in March, the latest positive sign of economic expansion and growing confidence.
"The sales we're doing, like this quarter, ... all the stores are comping and we're doing it at a 50% capacity," Schottenstein said.
The comments come one day after the Pittsburgh-based retailer said business for the fiscal first quarter is exceeding projections, driven by government economic stimulus and pent-up demand, especially for jeans. Shares of American Eagle Outfitters hit new highs, continuing a rally that kicked off in late March.
The company's stock has climbed 29% since March 24.