The giant chain reported strong quarterly sales. But for the first time in two years, shoppers spent less per visit.
Retail rents in Manhattan in late 2023 were still 20% to 30% below 2019 levels, thanks in part to fewer tourists and office workers.
Nike reported disappointing earnings, weakening the outlook for clothing sales — which have a lot to do with the year-end shopping season.
Although they're contending with inflation and economic uncertainty, they continue to rack up debt and burn through their savings.
Amanda Mull, a staff writer at The Atlantic, argues that department stores had a hand in building class consciousness.