How J.C. Penney and Sears Could Have Steered Clear of the Slope of Death

As if the recent holiday season in the wake of the payroll tax increase and government shutdown hasn't already made 2014 a disappointment for retail, then the rest of the year may require a stiff upper lip in girding for the rest of the iceberg.

Severe weather is reducing in-store foot traffic, while the red flag over data privacy is threatening to further chill a selective, discount-chasing public already bored with the experience of shopping at a physical store. On Wall Street, earlier cautious optimism has given way to pessimism — and with good reason. A sectorwide sales slump is looming.