Major mall retailer plans massive overhaul
The iconic retailer is responding to customer pressure that's forcing changes.
In the wake of stubbornly high inflation, consumers are being increasingly picky about where and how they'll spend their money. Gen X and Gen Z consumers in particular said they plan to cut back on discretionary spending in categories such as apparel, footwear, and electronics, according to an early 2025 McKinsey & Company survey.
Elevated interest rates are a big sticking point for consumers, too. Although the Federal Reserve lowered its benchmark interest rate three times during the latter part of 2024, persistently high inflation forced the central bank to pause its rate cuts during its most recent meeting.
