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May Department Stores: Retailers
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Stein adds that merchandise variety, particularly when it comes to apparel, has helped department stores regain much of the market share lost to specialty retailers in the 1970s and 1980s. "The emergence of numerous premier apparel brands -- Tommy Hilfiger, Polo/Ralph Lauren, Nautica and Liz Claiborne -- have helped department stores increase their product quality and rates of sales growth," he says. "The department store is run as a type of mini-mall, with each of these brands having its own selling space, merchandising and point-of-sale display."
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Macy's reported a 77% drop in quarterly profits, weighed down by its takeover of a rival May Department Stores. The retailer, which ... owns Bloomingdale's, warned that it would miss Wall Street expectations for the current and for the full year.
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Changes in demographics in the early 1990s ... posed challenges to department store retailers. The rate of household formations slowed dramatically in the early 1990s, and in the next two decades the percentage of young adults was projected to decline. The fastest-growing segment of the population, people between the ages of 45 and 54 years, was marked to grow 46 percent between 1990 and 2000. In other words, the baby boomers, who "shopped till they dropped" during the 1980s, would reach middle age by the year 2000. This age shift was forecast to have far reaching ramifications for the marketing and merchandising direction of department stores. In addition, the 65 and older segment of the American population continued to grow quickly.
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Saks' Northern Department Store group generated $2.2 billion in sales last year or about one-third of the retailer's total sales. In April, Saks sold its Proffitt's and McRae's chains to Belk Inc. for $622 million.
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