by Wolf Richter
Wolf Street
44% of Macy’s total sales are now ecommerce. Mall landlords, even the biggest, are turning malls over to their lenders.
Macy’s, when it reported earnings this morning, confirmed its own brick-and-mortar meltdown, and it showed the benefits of Macy’s decision years ago to go after ecommerce in a serious way, knowing that its brick-and-mortar stores – despite what it was telling the public – were on the slow way out, attested to by its countless and ongoing store closures. The Pandemic accelerated that trend by a quantum leap. But it’s messy and tough, and Macy’s is losing the edge in its digital sales growth.