It’s been well-documented that Baby Boomers frequent department stores more than Gen Z. Historically, if Americans wanted to shop Prada, Chanel , and Louis Vuitton all in one place, they’d go to a department store like Neiman Marcus . Neil Saunders, Managing Director and Retail Analyst at GlobalData Retail, points out that over the last decade, those couture brands are opening their own stores elsewhere. “Every year, the segment has seen its market share, share of retail sales, decline,” says Saunders.

In addition, a lot of department stores are in malls, and as millennials and Gen Z are doing more online shopping or buying second-hand, most malls are seeing declining foot traffic.…