From Wharton:
"More than a dozen clothing retailers that have traditionally populated the American mall landscape have announced bankruptcy, shuttered locations or closed down completely in the last several years, including Macy’s, The Limited, Wet Seal, Bebe, Guess, Payless ShoeSource, BCBG Max Azria, Abercrombie and Fitch — the list goes on. Those who haven’t shut down or scaled back are stagnant, such as Target and Kohl’s.
“The legacy retail business is in terrible shape,” Cohen says. “For big players like Macy’s — who are not in imminent danger of bankruptcy but, frankly, don’t have a strategy to go forward — this is breakage that is just starting to reveal itself. We’re looking at a paradigm shift that’s just getting started.”"
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