"Let's Go Shopping at the Square" Cleveland's Leading Downtown Department Stores: A Business Legacy

Discount department stores, on-line shopping services, specialty shops and
warehouse clubs dominate much of today’s retail scene. They fill the void created by the
closing of many locally-based downtown department stores over the past fifty years.
National department store chains such as Wal-Mart, Target, Macy’s, Kohl’s, Dillard’s,
Saks 5th Avenue, J.C. Penny’s, Nordstrom’s, Sears & Roebuck and K-Mart have survived
the on-slot of those closings. Although some such as Sears and K-Mart are finding it
increasingly difficult to sustain their retail niche. Their lack of significant capital outlays
over the past twenty years to modernize and upgrade their stores generally has impacted
sales. However, economic problems, of that magnitude, are nothing new to the U.S.
retail scene.
Some economists, beginning in the 1960s, predicted bad times ahead for
traditional department stores especially those who refused to change with the times.
Problems first surfaced during the recession of 1957-58 when about fifty department
stores closed their doors. If a minor recession like that forced so many stores to close
imagine what a major economic depression might do to this industry. Many economists
believed that the future of U.S. retailing would be in the hands of a new breed of retailer.
They would not only fulfill the needs of their customers today, but also, set the pace for
future consumer spending.

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