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

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. 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,…

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