November 7

Why is retail changing?

Retail Dive gives us six reasons via six statistics:

1. 100 stores
The number of Macy's locations closed since August 2016, as well as the number of stores that off-price retailer Ross opened in 2019 alone

2. $19 billion
Projected off-price sales by 2021

3. $20.4 billion
The amount department store sales have dropped over the past five years

4. $14 billion
The amount in sales that Costco's Kirkland Signature private label outpaced all of Macy's nationwide sales last year

5. 3.1%
The average US consumer spending allocated to apparel in 2017

6. 1,305%
The increase in incomes in the last decade for US households earning more than $100,000, compared to those earning less than $50,000

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