Department stores still have a strong value proposition, if only they can reimagine their experience, write Alvarez and Marsal's Mohit Mohal and Jonathan Sharp.
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It’s no secret that department stores in the U.S. are on a steady decline, with stores closing left, right and center. The critics have been vocal about the viability of this format longer term. Many even say department stores have tried everything under the sun (becoming digitally savvy, loyalty programs, curated assortment, in-store experience), but in vain. Off-price and digital have been the biggest winners at the expense of a slow and painful demise of what was once the beloved department store.