American retail culture may well have reached a tipping point.
Major department stores are floundering about like fish in a rapidly draining pond after reporting dreadful earnings last week.
The time-honored multigenerational giants like Macy’s, Sears and JCPenney are all looking at a dramatically different future.
Macy’s stock collapsed 17 percent after Thursday’s first-quarter report. And high-end retail behemoths like Nordstrom are getting clobbered, too. Shares of that politically petulant retailer fell 11 percent Thursday on news of its first-quarter results.
Better take a good look, because this may be last call for the mall.