It's all coming together now. Right after the holidays there was this universally-believed Wall Street meme that bricks and mortar was "losing out" to internet sales and that Amazon is going to take over the world. However, that's not what happened at all. What happened is that deja vu of 2008, the low income consumer didn't show up this year, while the upper middle class online consumer was obliviously fat and happy living on their Dow Jones casino gains. For now...
In other words, Wall Street fabricated a convenient excuse to cover up the late cycle implosion of the jobless consumer, offset by the fake wealth effect...
Macy's
Walmart
Amazon and Sears:
