Earlier this month, Senator Marco Rubio reacted to news of rising mall vacancies by calling for help for the "millions of workers who will be increasingly displaced." Yet for all the talk of the "Death of Retail,” reports of store chains going bust and malls closing, the stock market appears to be telling a more upbeat story.
When it comes to equities, much of the downside is already priced in. For example, the S&P 1500 Textiles and Apparel Industry Index, a list that includes Michael Kors, Steve Madden and Perry Ellis, has been outperforming the broader market for the last year. Despite the reporting about Amazon laying waste to the sector, major department stores such as Macy’s and Kohl’s have been outperforming the broader consumer discretionary sector this year.. . . more