Yesterday, the New York Times ran the story, Bargain-Hunting Frenzy Threatens Traditional Department Stores. Macy’s, Nordstrom and others’ earnings look especially bleak after the government reported that overall retail spending had ticked higher in April.
In other words shoppers were out there, just not at department stores.
The writer offered the logic that in order to meet the demands of Millennial shoppers, department stores must offer lower prices or they won’t succeed.
But they’ve got it all wrong…
