Department stores have struggled to adapt to online rivals and discount shops. The vital shopping mall anchors haven’t been able to attract shoppers like they used to, losing deal-hunting customers to websites like Amazon.com and treasure-hunt stores such as T.J. Maxx and Marshalls.
Luxury chains are under similar pressure. Neiman Marcus Group Inc. is overhauling its debt load as it tries to entice shoppers. Nordstrom Inc. cut its full-year forecast in May. Meanwhile Saks Fifth Avenue, owned by Hudson’s Bay Co., has fared well over the past several quarters, even though it shut the doors on its downtown Manhattan women’s store earlier this year.
--With assistance from Kim Bhasin.
This article was provided by Bloomberg News.