In the 1990s Macy’s, a chain of department stores based in New York, began gobbling up rivals across America. By the late 2000s that strategy had turned it into the biggest fish in a steadily evaporating pond. Sales across American department stores fell from $232bn in 2000 to $133bn last year as consumers switched to buying their frocks and fridges online. Many of Macy’s rivals have collapsed along the way. Sears, once America’s largest retailer, went bankrupt in 2018. JCPenney followed in 2020, as revenues dried up amid lockdowns. Recent years have brought little relief. The surge in the cost of living has led shoppers
→ Continue reading at The Economist
