Amazon is Crushing Macy's, Nordstrom, and Kohls
Amazon is now the top seller of online clothing. It is crushing traditional clothing retailers like Macy's, Nordstrom's and Kohl's. Over the past 12 months sales growth for clothing stores was flat compared to the previous year. Growth for online retailers has been driven by Amazon and jumped 10% according to market analysts. Amazon only started recently ramping up his clothing and accessories market and inventory. It is quickly become a dominant force in the market. The retailers apparel sales last year total 16.3 billion which is more than Macy's, Nordstrom's, Kohl's, Gap and Victoria's Secret's parent L Brands in the same period, according to Bloomberg.
Amazon is now second only to Wal-Mart in terms of overall apparel market share. The growth of online shopping along with an overall trend toward spending more money on experiences and vacations over apparel, has led many department store chains to reduce their retail footprints. Analysts estimate that 700 department stores have closed since 2013 and expected next year another hundred Macy's stores will close along with another 50 to 60 Kmart store closures.