Very insightful analysis. The divergence between declining sales share and relatively stable employment is a powerful signal of structural friction rather than a short-term shock. Framing it through sales per employee makes the issue especially clear: the challenge for department stores isn’t just competition from online retail, but a cost and operating model that has been slow to adjust as demand shifted. It’s a useful lens for understanding why the sector’s adjustment still seems incomplete.
Jan 7
at
10:20 AM
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