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They are primarily import stores and the USD was at multiyear highs. The items they sell have been getting rapidly cheaper. Here is the apparel component in CPI index. Fell nearly 4% this year. It'd be interesting to see unit volumes.pic.twitter.com/nJMxkmvuwG
I'm skeptical. How do you know it's from USD/CNY and not from markdowns? Also, if it were USD/CNY, you wouldn't see Amazon blowing out 2017's sales and I haven't seen the numbers, but I'm sure they did.
Good point, Usd.cny has been more stable than most currencies as well, so not as much effect for China. Possible decrease in prices due to productivity improvements? Amazon only a tiny portion of overall retail sector, esp excl electronics and media, hard to know their impact.
No productivity improvements in retail. You're right that is Amazon has low marketshare when you look at overall retail (which includes cars, gas, food, etc.), but if you look at the stores above which experienced -SSS, that's Amazon territory.
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Kohl's: +1.2% 