Department stores once dominated the apparel market.
Now they’re failing and closing hundreds of stores after years of declining customer traffic and sales.
So where are people shopping for clothes instead?
The answer: Walmart and Amazon.
Walmart claims 8.1% of the US apparel market, followed by Amazon with a 7.4% share and Target with a 4.3% share, according to Morgan Stanley research.
Amazon’s share of the apparel market has been growing rapidly over the last several…