hype cog

Amazon Set to Surpass Macy’s as Top American Apparel Retailer

Believe it or not, reports show that millennials are choosing not to spend on clothes.

Department stores continue their trend of downward decline, with the latest news from financial consultants Cowen that Amazon will overtake Macy’s as the top U.S. apparel retailer by 2017. Amazon’s lack of physical overhead costs has allowed it to undercut department stores in the price of its offerings, with accessories like handbags and jewelry doing an especially roaring trade. This comes at a time when apparel sales in the U.S. are slumping, declining 1.5% in June alone as part of a general downward trend beginning last year. Macy’s is not alone, with JCPenney and Kohl’s also reporting worse-than-average sales figures, citing delayed inventory shipments, bad weather, and a decline in the number of tourists as reasons. However, the Commerce Department blames veering priorities of shoppers has a major factor, with millennials choosing to spend their money elsewhere on things such as rent, phone bills and personal services instead.

Read Full Article

What to Read Next

PUMA Sends Cuban & American Sprinters on a Colorful Dash Through Havana
Drake Pays Tribute to Late-Fan With Instagram Post
Disclosure Premieres New Track "Moving Mountains"
Frank 151 x Cakeshop Seoul 16 Karat Gold Plated Necklace
Sneaker Shopping With NFL Star Marshawn Lynch
Pusha T Announces Second adidas EQT Collaboration
Load More
 
HYPES is a real time popularity metric informing readers of what is trending