We Are In The Middle Of The Great American Department Store Shakeout—And There’s No Stopping It

“You’re going to Bloomingdale’s with Julie? That’s like cheating on Rachel in her house of worship,” Chandler Bing says to fellow “Friends” character Monica. That two-decade-old joke would not work today. The Rachel Green character, whether sporting mini-barrettes and spaghetti strap dresses or not, would more likely be shopping at home, on her computer, with a glass of wine. Of the victims of the retail upheaval, department stores have been among the hardest hit. Annual sales at U.S. department stores fell 20% from 2017 to 2018, and sales are on pace to fall even further this year, according to the U.S. Census Bureau. Over the past few years, Bon-Ton and Gordmans liquidated and Sears went bankrupt. Read more at CNBC.