Macy's Woes More Evidence Shoppers Avoiding Traditional Malls

Macy's Inc. (M) - Get Report posted a near 40% slump in quarterly profits Thursday, pushing the shares sharply lower, after sales for the three months ending in March slowed 4.6% to $5.38 billion. The numbers confirm, to some degree, an ongoing and perhaps unstoppable shift in American consumer habits, with shoppers staying away from traditional malls and outlets and favouring online purchases from platforms such as Amazon.com Inc. (AMZN) - Get Report and ebay Inc. (EBAY) - Get Report

This article was written by a staff member of TheStreet.