Department stores like Macy’s have a big problem, and it’s not Amazon: Discount retailers Target and TJMaxx continue to take their customers.
Macy’s struggled during its latest quarter, adding to a string of poor results at department stores. This comes as lower-priced retailers grow sales and consumer spending in the United States remains strong. Americans are still shopping, but they are hunting for bargains elsewhere.
Macy’s posted a sales decline of 3.9% at stores open for at least a year, the company said Thursday.
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