Do department stores still have a place in the modern retail world, and can they be profitable? One man thinks so, and is charting a path that could help the sector escape its current travails.

Retail can be a merciless business. Take department stores, for instance. A quick scan of any list of defunct department-store chains reveals that it's a business that doesn't take kindly to ...

$21.99), by Michael J. Lisicky. His flagship store opened in downtown Newark in 1893 and became a fixture in the city. It was one of the pre-eminent department stores of its time, according to ...

But department ... about 240 stores, or 30% of its store base, as part of its restructuring process. "One of the most immediate priorities is the closure of underperforming and bad space.