Amazon Edging Closer To No. 1 In U.S. Apparel
After taking another 1.5% of market share in U.S. apparel sales last year, Amazon is edging closer to becoming the nation’s top apparel retailer, according to a note from Morgan Stanley cited by CNBC. Department stores, in particular Sears Holdings and Macy’s, appear to be bearing the brunt of Amazon’s rise. Morgan Stanley predicts they’ll have just 8% of the American apparel market in 2022, down from 24% in 2006, according to the report. But large mall-based chains, including those of Ascena Retail Group, L Brands, Ralph Lauren and Chico’s, are also losing share. Amazon’s Prime members are twice as likely as non-Prime customers to buy clothes there, up from 1.5 times more likely last year, according to the Morgan Stanley note. And brands themselves in some cases — including Nike, Ugg and Calvin Klein — are moving to sell on Amazon rather than through department stores, the analysts said. Read more at Retail Dive.