Macy’s announcement Tuesday that it will close 150 stores, or nearly a third of its total, is the result of a once-great department store industry in decades of decline.

Simpsons department store closed in 1991; Woodward’s closed in 1993; and, Eaton’s shut down in 1999. The Bay, however, retained a loyal customer base for decades, with one favourite shopping ...

In 2023, sales at department stores represented just 2.6% of total retail transactions, compared with 14.1% in 1993 and 5.7% in 2013, according to CNN. It’s been a downward slide for some time.