Here Is Why These 3 Storied Retailers Are in Mourning Right Now

The retail sector is in mourning right now. Even coming off of the busy holiday shopping season, Macy's (M) - Get Report kicked off 2017 by announcing plans to shut 68 stores and cut over 10,000 employees. This as same-store sales, which tracks sales at stores open for at least a year, declined 2.1% year over year in November and December. Those are two critical months. Macy's rival Kohl's (KSS) - Get Report  also reported a 2.1% decline in same-store sales for those months. The wounds are felt in other storied retail outlets. In late 2016, cash-strapped Sears (SHLD) said it would close 42 locations and 108 Kmart stores in the first few months of 2017. The bottom line? People are shopping online and there's just too much retail space in the U.S. That was the assessment from outgoing Macy's CEO Terry Lundgren in an interview with TheStreet. Over the past 12 months, Macy's shares are down 17%, Kohl's shares are down 16% and Sears is down 45%. 2017 will be a year of soul searching for the retail sector.