NEW YORK: Iconic American stores Macy’s and Gap are facing tough questions about their future following dreary earnings announcements this week that highlighted the growing market share taken by online retailers.
Conventional retailer profits are falling as fewer shoppers head to malls in favour of click-and-buy options offered by Amazon and a trove of emerging online fashion vendors. The trend is all the more striking because retailers see good conditions in the economy for consumers, including strong employment levels.