Macy's bottom-quintile stores generated an average of $14.9 million of sales during fiscal 2019. This suggests that Dillard's could add tens of millions of dollars to its top line by capturing 15% of Macy's pre-pandemic sales from the stores being closed in malls where Dillard's also operates. Moreover, Macy's will still have about 60 neighborhood locations after completing the current round of store closures. As those stores close later this year or in 2022, it will expand Dillard's opportunity for market share gains.