Macy’s is slashing jobs, a harbinger of hard times for retailers after a holiday season that saw a noticeable shift to online shopping and away from physical stores.

The nation’s largest department store chain, which also operates Bloomingdale’s, said late Wednesday it is cutting up to 4,800 jobs and trimming its profit outlook after a miserable holiday season.

“I think Macy’s is likely to be a canary in a coal mine,” said Ken Perkins, president of Retail Metrics, a retail research firm. He said retailers witnessed an acceleration of the shift toward online and mobile holiday spending in 2015.

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Source : VOANews.Com