Amazon’s Fast-Growing Apparel Business Should Terrify Department Stores
New survey data from Morgan Stanley suggests Amazon’s fashion business is quickly growing in popularity while eating into the market traditionally owned by big box retailers like Macy’s and JC Penney. The survey, which polled 2,000 U.S. teens and adults, says 58% of the respondents shopped at Amazon in the past six months, making it the most popular apparel retailer in the country. Kohl’s, JC Penney, and Macy’s trailed by a wide margin, each receiving 37%, 33%, and 27% of the votes, respectively. The three retailers also saw the biggest declines in year-over-year purchasing activity. “These data points continue to support our thesis that Amazon is quickly gaining consumer traction in apparel at the expense of department stores and select specialty retailers,” Morgan Stanley wrote in the note Tuesday. Read more at Business Insider.
