Yes, the retail massacre continues, at least for mall stores.
Macy’s. the venerable retailer. saw comparable store sales at owned plus licensed stores decline -4.6%, below the already depressed estimate of -3.5%.
Here is a chart depicting Macy’s declining fortunes.
The reaction for Macy’s equity?
Now, not all retail store sales are slumping. Home improvement giant Lowe’s is actually gaining ground. Likely because I just bought a dishwasher at Lowe’s.
Internet companies and home improvement are leading US earnings growth while non-HI retailers are sucking wind.
I wonder if the Macy’s Thanksgiving Day parade will be replaced with an Amazon parade where everyone stays at home ordering goods?
I hope The Who does a new version of Teenage Wasteland and renames it Retail Wasteland.