Department Stores Reposition for Today’s Consumer While Outlet Stores Proliferate

Department stores were particularly hard hit by the Coronavirus. Lockdowns, a powerful recession and consumers reluctant to visit stores led to major layoffs and financial losses. Firms taking bankruptcy in 2020 included J. C. Penney, Neiman Marcus, Stein Mart, Stage Stores and Lord & Taylor. For the most part, such stores recapitalized their finances and quickly emerged from bankruptcy. Today, traditional department stores are on firmer footing but are still struggling to maintain relevance and profitability in a retail world driven by ecommerce and specialty stores.

In order to better understand what is happening in the department store sector, a bit of history is in order. Older consumers may remember Sears Roebuck’s “Sears has everything” line? Others might recall going into Saks Fifth Avenue’s flagship store in Manhattan and finding everything from haute couture to a travel agency to a restaurant, plus a hair salon, a toy department and a fine jewelry department—all at full price? Things are quite different today.

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Department Stores Reposition for Today’s Consumer While Outlet Stores Proliferate, Business and Industry Trends Analysis

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