Macy's Cuts Profit Forecast: Where Did the Shoppers Go?

The video discusses the challenges faced by retailers like Macy's and Gap due to factors such as weather, declining mall traffic, and shifts in consumer spending towards experiences and essentials. It highlights the need for retailers to innovate and adapt by enhancing in-store experiences and optimizing their real estate portfolios. Analysts suggest significant cost cuts and strategic changes to address these issues.

What are some of the external factors affecting consumer spending mentioned in the text?

In what ways are retailers trying to enhance the shopping experience for customers?