In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
To explain, Walmart (NYSE: WMT) is now competing directly with Macy’s by offering concierge shipping services for urban customers. Specifically, Walmart’s Store No. 8 incubator operates a concierge they call Jetblack in New York City, Bloomberg reports.
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The truly frightening statistic is that Macy’s has lost $1.09 billion in revenues during the first three quarters of 2017. Macy’s reported $25.78 billion in revenues at the end of January 2017 and $24.69 billion at the end of October. The revenues shrank by $1.09 billion in just nine months.
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