“Instead of going after a department store, let’s do something that’s more fun and more interesting and that will drive a lot of traffic.”
The quote pretty much sums up the state of the US #DepartmentStore sector (it’s not quite as bleak outside the US, where many department stores still have, well, “departments” beyond apparel, footwear, accessories, fragrance, beauty, and home).
For those wanting a bit more (or for those who are paywalled), read on. The Wall Street Journal pulls no punches.
“Department stores are bleeding customers, and landlords no longer view them as magnets for shoppers. Discounters are underpricing them. Specialty stores are outmaneuvering them. And luxury brands are sometimes bypassing department stores to open their own shops.
The surviving operators are making big moves in hopes of turning things around. Saks Fifth Avenue’s parent company is buying rival Neiman Marcus. Nordstrom executives are exploring taking the company private. Macy’s new chief executive is closing stores while trying to improve the shopping experience at its leaner fleet.
But department stores’ long-term decline will be difficult to reverse. Their sales peaked just before the turn of the century and have been on a downward trajectory ever since, according to U.S. census data.
‘Young customers aren’t shopping at malls and they aren’t shopping department stores in the same way they used to,’ said Stenn Parton, Prism’s chief executive. “
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