SACRAMENTO, Calif. —
You’ve seen the headlines: Macy’s is closing stores, Sears and Kmart are closing and Dressbarn, too.
But, is it because of millennials? We blame them for everything else, so this has to be their fault too, right?
Twenty years ago, department stores saw $230 billion in sales, but in 2016, that number was just over $150 billion. Millennials are less likely than previous generations to shop in brick and mortar stores, but the rise in online shopping could also be to blame. Cough Amazon cough.
Millennials still like going to physical stores, so it’s not all their fault. But here’s the deal: the typical department store might be on the decline, but stores like Walmart and Target are thriving.
Plus, millennials are into fast-fashion stores like H&M and Zara. So are millennials killing department stores? Maybe, but department stores also have more competition now than they used to.