What happens when the anchor store at the mall becomes a mall?
The changing face of retail in the US showed some more of its cards Thursday as both Macy’s and Kohl’s stores said they would be carving up space within its stores to sell to other retailers.
So as the malls close and suffer in the face of a struggling middle class shopper, who is finding bargains online, department stores and bigger box stores will become mini-malls.
But of course this move is only to “unlock value in the company’s real estate holdings,” as both companies said as part of the announcement.
By the way, Kohl’s is just the latest retailer to come up short on revenue during the holiday quarter and has now seen sales fall for four straight quarters.
JCPenney just announced it will be closing 140 stores and letting go around 6,000 employees as a result of slowing sales. The department store reported sales for the holiday fell 0.7% from last year’s number.
Today’s trading in bitcoin is the perfect example of why I say it’s not for the faint of heart.
The digital crypto-currency that has been on a tear of late saw a $75 drop in two minutes overnight Friday morning here in the US.
It’s difficult to figure out what was the driving force behind the drop, as bitcoin rebounded from $1,125 level at 2am EST. At 7am EST it was trading at $1,160.
While flash crashes occur in stocks and bonds, these cratering events seem to pop up in bitcoin pricing with far more frequency as more positions in the digital currency are taken by traditional financial services companies and governments through confiscation.
However the trajectory of the price chart is higher over the longer horizon.