Is Target Hastening the Decline of Department Stores?
Target (NYSE: TGT) has been working on a rebound this year as the overall retail industry struggles with changing consumer trends. Target has had success promoting its online store and offering new delivery options for shoppers. Another key strategy has little to do with technology, though, as Target is gunning for the most beat-down segment of the retail industry.
The overall retail industry has had a great 2017, posting sales 3.9% higher than last year through October, according to the U.S. Census Bureau. Not everyone is getting in on the consumer party, though. Many brick-and-mortar stores have struggled, and department stores have been hit particularly hard.
The department store segment of the industry saw sales decline 2.8% through October. Evidence of those struggles can be seen at stores like Macy's (NYSE: M) and Sears Holdings' (NASDAQ: SHLD) Sears and Kmart, stores once held in high esteem but that have slowly fallen out of favor over the years. Clothing retailers have fared a little better, managing a 0.6% increase in sales in 2017. But the story has been similar as shopping mall traffic has ebbed, forcing many companies to shutter locations or close down entirely.
Source: Fool.com
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