Macy's and Kohl's both reported earnings yesterday, both disappointed, and both saw their stock drop like a rock. Macy's was off 8.8 percent on the day, while Kohl's was down 6.9 percent.
But it hasn't just been a bad quarter for retailers; it's been a bad decade. Pressed by the success of Amazon.com and lower-end retailers like Wal-Mart, many of the big retail chains have lost enormous amounts of their value in the past ten years. Some examples:
Nordstrom $12.4 billion market cap in 2006 to $8.3 billion in 2016: down 33 percent
Best Buy $28.4 billion to $13.2 billion: down 54 percent
Macy's $24.2 billion to $11.0 billion: down 55 percent
Kohl's $24.2 billion to $8.8 billion: down 64 percent
JCPenney $18.1 billion to $2.6 billion: down 86 percent
Sears $27.8 billion to $1.1 billion: down 96 percent
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