Department Stores Become Turnaround Plays By David MacDougall About this article: This exclusive preview is being published as a bonus for RealMoney subscribers. BOSTON (TheStreet) -- Department stores have emptied out since the U.S. economy entered the recession. Consumers trying to save money have traded in Macy's, JCPenney, Sears and Dillard's for cheaper alternatives like Wal-Mart and Target. At stake is whether department-store customers will return. JPMorgan likes Macy's prospects. The bank's upgrade of Macy's spurred the stock ahead of its earnings announcement this Wednesday. Analysts are expecting a loss of about 10 cents a share, but JPMorgan cites improving same-store sales as a bright spot. Macy's shares have jumped 72% in the past year. JCPenney, Sears and Dillard's also have risen over the past year despite losses. But only Macy's is trading at an attractive level, with a price-to-earnings ratio of 19 versus the industry average of 36. To figure out how to make money from department-store... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

If you choose a 14-day free trial of RealMoney and you do NOT call to cancel within those 14 days, you will pay $129.95 — a $100 savings off the regular annual subscription price of $229.95. Unless you cancel before the end of that year, your subscription will automatically renew for another year at the then-current subscription price.

Offer applies only to new annual subscriptions, and is subject to change at any time. Void where prohibited.

If you choose a monthly subscription, you pay $34.95 per month. You will be notified if the current monthly rate of $34.95 changes at any time in the future.

TheStreet.com is a publisher. None of the contributors or their affiliates will provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. From time to time, any or all of the contributors or their affiliates may hold positions in securities mentioned and they may trade for their own accounts. In cases where the position is held at the time of publication, appropriate disclosure is made.

© TheStreet.com, Inc., 14 Wall Street, 15th Floor, New York, NY 10005.