Department stores used to rule the retail world.

Chains like Macy’s, Filene’s, and J.C. Penney anchored malls and drove people to shop.

When I was younger, back in the 1980s and 90s, these stores were needed. Macy’s was someplace you could go and get top-notch service when buying a suit, a watch, or various beauty products.

Over the years, however, online retailers, specialty stores, and other varied retail options have made traditional department stores less relevant. It’s not death by any one blow. Instead, it’s death by a thousand paper cuts.

“Retail is not dead, but the old model is. Consumers want speed, convenience, and personalization — things many malls simply can’t deliver,” Laura Peterson, Senior Analyst at Retail Economics Institute, told Alibaba.

The internet has, of course, hurt traditional brick-and-mortar retailers, but not as much as you might think.

“At the turn of the century, only $0.90 of every $100 spent Americans spent on retail items was spent online. In 2024, that average was $16.10,” USA Facts reported from Bureau of Labr Statistics data.

The numbers have grown, and that has hurt stores, but it’s only part of what has driven many former mall anchors and department store leaders out of business.

“In 2024, Americans spent $1.2 trillion on online retail, or a record 16.1% of the $7.2 trillion spent on retail overall. This is nearly two percentage points higher than 2022, when 14.4% of retail sales happened online,” the website added.

Now, another iconic department store chain has closed its final store.

Price Stores closing forever

After 75 years of serving Ohio, Price Stores will close its doors forever at the end of the year. The chain, which specializes in men’s clothing and tuxedos, bridal and prom dresses, and tailoring, has been owned by Edd Wimsatt and his wife, Nancy, since 1996, and they have decided to retire.

“I look forward because it’s time to enjoy retirement and time to say this has been a good run. I’ve met a lot of nice people, had great customers, great employees. And that’s why we’re here for this long. But it’s time,” Wimsatt told Dayton 24/7 Now.

He had attempted to find a buyer for the department store, but was not successful.

“I’m grateful for the time I’ve had in the store. I wish I could have found a buyer. That’ll be my biggest disappointment. I know it can be done, but it just takes money and the energy and I’m out of both,” Wimsatt explained.

The retailer once dressed future president John F. Kennedy.

“Back in 1959, John F. Kennedy was running for the Democratic Party nomination and was scheduled to speak at the Dayton Bar Association. The young senator didn’t realize the event was black-tie. Price Stores came to the rescue by sending a tailor to take his measurements and dress him for the evening,” Price Stores shared on its website.

Macy’s has actually swallowed up a lot of department store brands.

Shutterstock.

Department stores are disappearing

While chains like Macy’s, Dillard’s, J.C. Penney, and a few others have survived, Price Stores joins a long list of retail chains that have not.

  • Filene’s: phased out as a brand after being converted to Macy’s in 2006.
  • Marshall Field’s: Name retired/converted into Macy’s in 2006.
  • Strawbridge’s: Part of Federated’s Macy’s rebranding in 2006.
  • Hecht’s: Converted to Macy’s in 2006.
  • Lazarus: Name retired and units converted in 2005.
  • Kaufmann’s: Rebranded to Macy’s in 2006.
  • Hudson’s (J.L. Hudson Company): Brand retired by early 2000s, with final closures around 2001.
  • Gimbels: Closed all stores in 1987.
  • Gottschalks: Liquidated and closed in 2009.
  • Mervyn’s: Closed outlets after bankruptcy (2009).
  • Montgomery Ward: Ceased operations around 2001.
  • Elder-Beerman: Last stores closed in 2018.
  • Lord & Taylor: Filed bankruptcy and closed all physical stores by 2020.
  • Shopko: Filed bankruptcy and closed remaining stores in 2019.
  • Woodward & Lothrop: Liquidation completed in 1995.
  • Stern’s: Brand retired/converted in 2001.
  • Ames Department Stores: Bankrupt and closed by 2002.
  • Caldor: Ceased operations by 1999.
  • Boston Store (Bon-Ton group): Closed amid liquidation in 2018.
  • Carson Pirie Scott: Part of the Bon-Ton closures in 2018.The Retro Network
  • Bergner’s/Younkers/Herberger’s: Closed during Bon-Ton liquidation 2in 018.
    Source: The Retro Network

Why have department stores and malls struggled?

There’s no one single answer, but a number of factors have led to struggling malls and failed department stores.

The Covid pandemic forced malls to diversify, and that was bad for traditional retailers.

“The answer has been to bring in more fitness centers, restaurants, and all the kinds of tenants that could pay more rent than department stores, but now with the pandemic, everyone is in trouble. But they have been a problem and they’re in practically every single mall.” Rudolph Milian, CEO of Woodcliff Realty Advisors told RetailDive speaking about Macy’s struggles.

In addition, there may simply be too many malls.

“The U.S. has long had an oversupply of retail space. With approximately 24 square feet of shopping space per person—nearly five times more than countries like Canada or Germany—the market was unsustainable even before digital competition intensified,” according to Alibaba.

That led to malls losing tenants.

“This overcapacity meant that when demand shifted, weaker malls couldn’t survive. Anchor tenants like Sears, JCPenney, and Macy’s began pulling out, triggering a domino effect: fewer draws led to lower foot traffic, which led to smaller retailers leaving, further reducing appeal,” the site added.

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When a mall loses an anchor tenant, the impact can be devastating.

“When a department store in a mall or anchor location closes, customer counts can drop by 20-to-25%, Strategic Resource Group Managing Director Burt Flickinger told CT Insider.

Price Stores retail history

  • Founded in 1950 as a men’s clothing and formalwear retailer in downtown Dayton at Fourth and Jefferson Streets.
  • Expanded quickly in the early years. The original store quadrupled in size within six months of opening.
  • Price Stores became known for quality formal attire and service, even dressing notable figures (e.g., helping John F. Kennedy with a black-tie outfit in 1959).
  • Over the decades, it served the Dayton community through changing fashion trends from “hi-style and mod” in the 1960s to business and special-occasion attire later on.
  • In 2020, the store moved from its long-time downtown location to Centerville, adapting to changes in downtown retail traffic and business strategy.
  • 75-year run: The business continued serving customers for three-quarters of a century before announcing its closure at the end of 2025 amid retirement plans.
  • Leading up to closing, the store is holding major liquidation and inventory sales, reflecting both the end of its local legacy and broader pressures on brick-and-mortar retailers.
    Source: Dayton Daily News

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