With J.C. Penney, one of the largest department stores out there, on the ropes, a lot of market share is up for grabs for other operators. I've touched on how Macy's has stolen some of J.C. Penney's thunder, but another, smaller winner appears to be Dillard's. This department store has gone on an impressive and consistent run so far this year, yet still trades for relatively conservative multiples. 

Despite concerns about the "death of department stores," I actually think the stronger operators in this space have a few good years left in them as some weaker companies cede market share and fall by the wayside. 

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