January 08, 2016
Ron Friedman, national leader of Marcum's Retail & Consumer Products group, was quoted by the Los Angeles Times in an article about the outlook for retailers.
By Shan Li
Macy's poor holiday showing could be an early sign of trouble for the retail industry.
After a disappointing November and December, the department store chain said it was slashing 4,800 jobs and closing 40 stores, including a shop at the Irvine Spectrum.
The travails of Macy's, which blamed warm weather and slower spending by international tourists, could also be reflected at many other retailers, analysts said.
"It was not a good holiday season," said Ron Friedman, a retail expert at advisory and accounting firm Marcum. "I don't think it's a Macy's problem. I think it was an industry-wide problem."