Department stores used to rule the retail world.
Chains like Macy’s, Filene’s and JC Penney anchored malls and drove people to shop.
When I was younger in the 1980s and 90s, there was a need for these stores. Macy’s used to be a place where you could go and get top-notch service when buying a suit, a watch, or various beauty products.
However, over the years, online retailers, specialty stores, and other varied retail options have made traditional department stores less relevant. It’s not one-hit death. Instead, it’s death by a thousand paper cuts.
“Retail isn’t dead, but the old model is. Consumers want speed, convenience and personalization — things that many malls just can’t deliver,” Laura Peterson, senior analyst at the Retail Economics Institute, told Alibaba.
The internet has certainly affected traditional brick and mortar retailers, but not as much as you might think.
“At the turn of the century, just $0.90 of every $100 Americans spent on retail items was spent online. In 2024, that average was $16.10,” USA Facts reported from Bureau of Labor Statistics data.
The numbers are up, and that’s hurt the stores, but it’s only part of what’s driven out many former mall anchors and department store leaders.
“In 2024, Americans spent $1.2 trillion on online retail, or a record 16.1 percent of the $7.2 trillion spent on retail in total. That’s nearly two percentage points higher than in 2022, when 14.4 percent of retail sales took place online,” the site added.
Now, another flagship store chain has closed its final store.
After 75 years of service to Ohio, Price Stores will close its doors for good at the end of the year. The chain, which specializes in menswear and tuxedos, wedding and prom dresses and tailoring, has been owned by Edd Wimsatt and his wife, Nancy, since 1996 and they have decided to retire.
“I’m looking forward to it because it’s time to enjoy my retirement and say this has been a good run. I’ve met a lot of nice people, I’ve had great customers, great employees. And that’s why we’ve been here for so long. But it’s time,” Wimsatt told Dayton 24/7 Now.
He tried to find a buyer for the department store but was unsuccessful.
“I’m grateful for my time in the shop. I wish I could have found a buyer. That will be my biggest disappointment. I know it can be done, but it just takes money and energy and I don’t have both anymore,” explained Wimsatt.
The retailer once dressed future President John F. Kennedy.
“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 did not 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 said on its website.
While chains like Macy’s, Dillard’s, JC Penney and others survived, Price Stores joins a long list of retail chains that did not.
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files: Phased out as a brand after being converted to Macy’s in 2006.
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of Marshall Field: Name retired/converted to Macy’s in 2006.
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from Strawbridge: Part of Federated Macy’s rebranding 2006.
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Hecht’s: converted to Macy’s in 2006.
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Lazare: Name withdrawn and units converted to 2005.
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Kaufmann’s: Rebranded at Macy’s in 2006.
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Hudson’s (The JL Hudson Company): Brand withdrawn from early 2000swith permanent closures all around 2001.
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Gimbels: All shops closed in 1987.
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Gottschalks: liquidated and closed in 2009.
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Mervyn’s: stores closed after bankruptcy (2009).
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Montgomery Ward: Operations ceased around 2001.
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Old Beerman: Last stores closed in 2018.
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Lord and Taylor: filed for bankruptcy and closed all brick-and-mortar stores by 2020.
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Shopko: filed for bankruptcy and closed remaining stores in 2019.
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Woodward and Lothrop: Liquidation concluded in 1995.
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Stern’s: Mark withdrawn/converted to 2001.
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Ames department stores: Bankrupt and closed by 2002.
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hot: Operations discontinued by 1999.
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Boston Store (Bon-Ton Group): Closed due to liquidation in 2018.
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Carson Pirie Scott: Some of the 2018 Bon-Ton closings.The retro network
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Bergner/Younkers/Herberger: Closed during Bon-Ton liquidation 2 in 018.
Source: The Retro Network
There is no single answer, but a number of factors have led to failed malls and department stores.
The Covid pandemic has forced malls to diversify, and that has been bad for traditional retailers.
“The answer was to bring in more fitness centers, restaurants and all kinds of tenants who might pay more rent than department stores, but now with the pandemic, everybody’s having problems. But they’ve been a problem, and they’re in basically every mall.” Rudolph Milian, CEO of Woodcliff Realty Advisors, told RetailDive about Macy’s struggles.
Plus, there may just be too many malls.
“The United States has long had an oversupply of retail space. With about 24 square meters of shopping space per person—almost five times more than countries like Canada or Germany—the market was unsustainable even before digital competition intensified,” according to Alibaba.
That caused malls to lose tenants.
“This overcapacity meant that when demand shifted, weaker malls could not survive. Anchor tenants like Sears, JCPenney and Macy’s began to pull out, setting off a domino effect: Fewer draws led to less foot traffic, which led to the departure of smaller retailers, further reducing appeal,” the site added.
More retail:
When a mall loses an anchor tenant, the impact can be devastating.
“When a department store in a mall or anchor location closes, customer numbers can drop by 20 to 25 percent, Strategic Resource Group Manadirector Burt Flickinger said CT Insider.
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Founded in 1950 as a retailer of men’s clothing and formal wear in downtown Dayton at Fourth and Jefferson Streets.
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It expanded rapidly in the early years. The original store quadrupled in size within six months of opening.
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Price Stores have become known for formal attire and quality serviceeven dressing notable figures (eg helping John F. Kennedy with a black tie outfit in 1959).
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Over the decades, it has served the Dayton community by changing fashion trends from “hi-style and mod” in the 1960s to business attire and special occasions later.
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In In 2020, the store moved from its longtime downtown location to Centervilleadapting to changes in downtown retail traffic and business strategy.
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Duration of 75 years: The company continued to serve customers for three-quarters of a century before calling it quits closing at the end of 2025 on the basis of retirement plans.
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Until closing, the store is open major liquidations and inventory salesreflecting both the end of its local heritage and wider pressures on retailers.
Source: Dayton Daily News
Related: 75-year-old fast-food chain closes 200 restaurants, struggles to survive
This story was originally published by TheStreet on December 17, 2025, where it first appeared in the Retail section. Add TheStreet as a favorite source by clicking here.