Fading department stores, H&M’s new CEO, Falling Garment District rents, Wal-Mart cuts jobs

Macy's main entrance on Herald Square, courtesy of de Oliveira

The Waning Relevance Of Department Stores (JC Report)
“Plagued by layoffs, closures and plummeting sales, the American department store’s fortunes are fading fast.”

H&M appoints New CEO (Drapers)
H&M, the Swedish fast fashion retailer, has appointed Karl-Johan Persson as its new CEO.

Rents Falling in New York’s Garment District (New York Times)
Rents in New York’s Garment District are falling, delighting designers such as Nanette Lepore who campaigned to save the neighborhood.

Retail Shares Sink Tuesday, Wal-Mart Cuts Jobs (WWD)
Despite being billed as one of the sole retail winners of the recession, Wal-Mart will cut 700-800 jobs as a cost cutting measure. (Subscription only)