Reported 23 days ago
Legacy department stores like Macy's and Kohl's are closing multiple locations as they grapple with declining sales and changing consumer behavior towards lower-cost alternatives such as Amazon and Walmart. Analysts indicate that many department stores are at a critical point, having lost 44% of retail value since 2010. Macy's is planning to shut 66 unprofitable stores this year and 150 in the next three years, while Kohl's announced 27 closures over the weekend. Despite efforts to revitalize their businesses, both have faced significant challenges, including increasing operating costs and shifting consumer spending patterns. As these retailers transition to strategies for growth, their futures remain uncertain amid a competitive landscape.
Source: YAHOO