It’s been a bad month for the department store business. Amazon is reportedly talking with mall landlords about taking over empty anchor stores and turning them into distribution centers. JCPenney is about to be sold out of bankruptcy and may even disappear from the market. Stein Mart — a quasi-department store — is being liquidated. And the number of shoppers returning to several key department stores after the pandemic shutdown has slowed down significantly.
It’s sad. It’s tragic. And it’s probably more than a little Stupid that these stores weren’t better prepared for the changing business environment. Read more about the bad month for the sector in my new Forbes.com post: https://www.forbes.com/sites/warrenshoulberg/2020/08/17/amazon-into-anchors-foot-traffic-off-stein-mart-out-and-penney-sale-bad-month-for-dept-stores/#411ab1a43938