The Industries Taking Over American Retail
For a long time, malls were dominated by brands like Sears, Gap, and Abercrombie & Fitch. But the tide is turning in retail. Big apparel brands are grappling with shoppers who increasingly want deeply discounted clothes over classic logos and status. Gap is closing one-quarter of its stores and laying off hundreds of workers after disappointing sales. J.Crew just fired 10 percent of the workers at its corporate headquarters as sales and profits continue to plunge. The teen-apparel market is also struggling as a whole, with big-name players like Abercrombie & Fitch and Aeropostale closing stores. Sears, Macy's, and J.C. Penney have also shuttered hundreds of store locations in recent years.