Financial results from Macy's, Nordstrom, J.C. Penney, and other department stores this week make it seem like the American consumer is flat-out depressed. But the government's April retail sales numbers, out Friday -- showing the biggest jump in a year -- paint a totally different picture. What gives?
The reality is
that American consumers want to shop. They just don't want to shop at
your department store. And frankly, I don't blame them. And neither do
investors, who have sent shares in U.S. department stores down by 50
percent this year.. . . more