1. More trouble in mall land: Wall Street is bracing for more signs of the retail apocalypse this week when Macy’s and Nordstrom (JWN) detail the latest pain from the loss of mall shoppers who’ve migrated online.
Worse than slumping sales, department stores are likely to paint a gloomy picture about their busiest and most critical time of the year. Morgan Stanley recently warned that sales will outright decline during the holiday quarter at both Macy’s (M) and Nordstrom.
The obvious reason for shrinking sales is that fewer and fewer Americans are heading to the malls to do their Christmas shopping. Instead of battling the crowds, they’re finding great deals and more convenience on Amazon and elsewhere online.