TheStreet’s Jim Cramer says such a big percentage of actual sales are now coming from online, you just don’t need as many stores and you can close the unprofitable ones. He points to other retailers such as J.C. Penney and Pier 1 that are closing stores. And he says this is because the bricks and mortar operations that aren’t making money are just being closed and employees are being let go. The reason for that, he explains, is that the omnichannel is winning. Cramer says we used to love retailers because they grew a lot now we’re liking retailers because they shrink. The first company we saw this from is Home Depot. They simply try to get more out of their stores and more out of their e-commerce. The e-commerce trade is alive and well. Cramer says he would not sell Macy’s but he does see retail under pressure. But remember, he tells investors, this is the new world: underperforming stores don’t just continue to underperform, they get closed.
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