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'People aren't spending': stores close doors in 'oversaturated' US retail market
by rd95

    In the past several months, Macy’s has announced it will close 63 stores; Sears, 150; The Limited, 250; BCBG Max Azria, 120; Guess, 60; American Apparel, 104; Abercrombie & Fitch, 60; JCPenney, up to 140.

    While retail executives are keen to state they do not plan to abandon bricks-and-mortar retail entirely, many now tend to see it on equal terms with online operations. Main street, hollowed out by web-based competition, is increasingly viewed as a tool to be used by consumers “showrooming” – browsing – before buying online for less.

    The cost in jobs is stark, with Macy’s saying it expects to see 10,000 workers laid off, including 6,200 managers, or 17% of executives.