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With the middle class struggling to make ends meet during tough economic times, popular mid-tier retailers, like Macy's, have reported a decline in sales, Crains reports.
(Staten Island Advance/Anthony DePrimo)
STATEN ISLAND, N.Y. -- With the middle class struggling to make ends meet during tough economic times, popular mid-tier retailers, like Macy's, have reported a decline in sales while several chains aimed at young, hip professionals have filed for bankruptcy, Crain's reports.
While both high-end and low-end retailers continue to thrive, it's the middle-tier retailers feeling the greatest impact from the down economy, says Crain's.
Macy's lowered its 2015 earnings forecast last week after the retailer experienced a decline in sales, while three businesses aimed at the millennial generation -- many of whom are drowning in student loan debt -- have folded. They are: Kate Spade Saturday, C. Wonder and Gap Inc.'s Piperlime, says the report.
In addition, other mid-tier retailers, including Delia's, Wet Seal and Cache have closed hundreds of stores since September, and 1,700 RadioShacks are also slated for closure, including two on Staten Island.
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