Shares of Nordstrom (JWN) - Get Report are down over 5% Friday after JPMorgan retail analyst Mathew Boss downgraded the stock to sell from hold and assigned a price target of $48. Shares are down about 10% over the past three days.
Matthew Boss is "the king" when it comes to grading retail stocks, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
Cramer said he has a great experience shopping at Nordstrom, but he noted Boss sees business at Nordstrom stores as simply too low and traffic continuing to drop.
But it's not just Nordstrom, Cramer noted, adding this is a "very damning piece about the mall" and the retailers who sell there. Starbucks' (SBUX) - Get Report CEO Howard Schultz told investors the mall was dying a few years ago, Cramer said, but too many people disregarded his comments.
Now, Cramer said, it's clear Schultz was right. The mall is in secular decline, which doesn't bode well for Nordstrom and other retailers. However, it does bode very, very well for Amazon (AMZN) - Get Report , Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had a position in SBUX.