Department stores are failing - here's where everyone is buying clothing instead
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Department stores once dominated the apparel market.
Amazon's share of the apparel market has been growing rapidly over the last several years, from less than 1% 10 years ago to nearly 8% today. Other companies that have been gaining share of the apparel market include Costco, TJ Maxx, and Ross Stores.
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Now they're failing and closing hundreds of stores after years of declining customer traffic and sales.
So where are people shopping for clothes instead?
The answer: Walmart and Amazon.
Walmart claims 8.1% of the US apparel market, followed by Amazon with a 7.4% share and Target with a 4.3% share, according to Morgan Stanley research.
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Morgan Stanley Research
Morgan Stanley analysts expect Amazon to surpass Walmart to become the No. 1 apparel retailer in the US this year.
Morgan Stanley Research
Meanwhile, stores like JCPenney, Kohl's, Sears, and Macy's have been losing customers.
Morgan Stanley Research
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