Retail Dive gives us six reasons via six statistics:
1. 100 stores The number of Macy's locations closed since August 2016, as well as the number of stores that off-price retailer Ross opened in 2019 alone
2. $19 billion Projected off-price sales by 2021
3. $20.4 billion The amount department store sales have dropped over the past five years
4. $14 billion The amount in sales that Costco's Kirkland Signature private label outpaced all of Macy's nationwide sales last year
5. 3.1% The average US consumer spending allocated to apparel in 2017
6. 1,305% The increase in incomes in the last decade for US households earning more than $100,000, compared to those earning less than $50,000