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)

Wal-Mart, courtesy of Ravi Patel

Retail Winners and Losers This Holiday Season (Seeking Alpha)
“Wal-Mart is the only real retail winner during the 2008 holiday shopping season, which is presaging more retail bankruptcies in the year ahead,” reports Seeking Alpha.

A long swan song for the Blass House (IHT)
It was the beginning of the end when Bill Blass sold his eponymous label in 1999.

Veggies invading the skin care market (IHT)
The supermarket produce section is the new source of ingredients for beauty companies.

Chanel to cut 200 jobs as the rich tighten their belts (The Telegraph)
As the wealthy tighten their belts, Chanel is expected to cut 200 jobs in France.