NEW YORK (TheStreet) --Black Friday weekend proved to be a mixed bag, J.P. Morgan retail analyst Matthew Boss said on CNBC Monday.
"We were encouraged from what we saw in the stores from a traffic perspective," Boss said. "The problem was the discounting was extremely deep."
The amount of discounting "really cut into" the profits that these brick and mortar stores would have otherwise seen, Boss said.
Additionally, unseasonal weather, strong online sales and increased competition are all headwinds being faced by department store retailers, he noted.
"As we look at it, we think convenience and value is driving retail right now," Boss stated. "There is a big separation between the winners and the losers. These online-only retailers are adding a lot of competition to the department stores."