Michael Snyder – January 8, 2017
It has only been two weeks since Christmas, and already we are witnessing a stunning bloodbath of store closings. Macy’s shocked the retail industry by announcing that they will be closing about 100 stores. The downward spiral of Sears hit another landmark when it was announced that another 150 Sears and Kmart stores would be shutting down. And we have just learned that The Limited is immediately closing all stores nationwide. If the U.S. economy is doing just fine, then why are we experiencing such a retail apocalypse? All over America, vast shopping malls that were once buzzing with eager consumers now resemble mausoleums. We have never seen anything quite like this in our entire history, and nobody is quite sure what is going to happen next.
Not too long ago I walked into a Macy’s, and it was eerily quiet. I stumbled around the men’s department looking for something to buy, but I was deeply disappointed in what was being offered. After some time had passed, an employee finally noticed me and came over to help, but they didn’t have anything that I was looking for.
And it is a sad thing, because over the past several years when I have gone into Macy’s looking to spend money, most of the time I have come out of there without spending a penny. Macy’s has made some very bad decisions recently, and I am hoping that they can still turn things around. But for the moment, they are closing stores and cutting jobs. The following comes from the New York Times…