American retailers have a problem.
It used to be that retail stores could buy their merchandise, then “pile it high and watch it fly” out of the store.
Now, in what some analysts think is a sea change in consumer behavior, Americans have begun buying fewer things. Instead, we’re spending more of our money on experiences.
The New York Times business section recently reported that while sales on dining, homes, travel and vehicles are up, spending in large department stores is flat or declining.