Retail

We are in the middle of the great American department store shakeout

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“You’re going to Bloomingdale’s with Julie? That’s like cheating on Rachel in her house of worship,” Chandler Bing says to fellow “Friends” character Monica Geller.

That two-decade-old joke would not work today. The Rachel Green character, whether sporting mini-barrettes and spaghetti strap dresses or not, would more likely be shopping at home, on her computer, with a glass of wine.

Of the victims of the retail upheaval, department stores have been among the hardest hit. Annual sales at U.S. department stores fell 20% from 2017 to 2018, and sales are on pace to drop even further this year, according to the U.S. Census Bureau. Over the past few years, Bon-Ton and Gordmans liquidated and…



Source cnbc.com

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