Even companies on relatively stable footing, like Macy’s, are shuttering dozens of stores as they try to move away from traditional shopping malls. By then, Americans had fallen in love with department stores. AdvertisementStory continues below advertisement“In the old days, department stores offered convenience,” said Greg Portell, a partner in the consumer and retail practice of consulting firm Kearney. “The department store as an all-encompassing emporium is a product of the 20th century and a victim of the 21st,” said Cohen of Columbia Business School. The country’s largest department store chains have shuttered roughly 40 percent of their locations since 2016, according to a Washington Post analysis of corporate earnings releases and annual reports.

Source: Washington Post April 16, 2021 10:00 UTC