Eddie Lampert SearsAPThe retail industry is undergoing a period of tremendous change, and no company is immune, according to Sears Chairman Eddie Lampert.
In a letter to shareholders on Thursday, Lampert said the impact of "tectonic shifts" in consumer spending has spread more broadly in the last year to retailers "that had previously proven to be relatively immune to such shifts."
"Walmart, Nordstrom, Macy’s, Staples, Whole Foods and many others have felt the impact of disruptive changes from online competition and new business models," Lampert wrote.
Walmart is expecting flat sales this year and announced last month that it would close 269 stores, including all 102 of the company's smallest-format stores, called Walmart Express.
Macy's, Staples, Nordstrom, and Whole Foods are also all suffering from weak or declining sales and closing stores to cut costs while investing more in ecommerce.