Amid strengthening consumer buying, most department stores continue to struggle—their sales range from sluggish to flat to down. The big demographic bubble of Millennials dresses down—scruffy beards, jeans, and even tee-shirts become acceptable office attire in more companies. Suits and blazers are only necessary occasionally, if at all. And for years now it has been obvious that most people (not only GenerationY) no longer have as much time or interest to stroll through aisles of clothes, perfumes, bedding, pots and pans on multi-levels. Instead of buying stuff, more of us (and especially the Y-crowd) seek to stream content on essential android phone and I-device appendages. And while glued to the screen, shopping on line for the necessities is so much easier –no app even required; just Pay Pal or, if they qualify, a credit card.

Spending is up, but for experiences—these include trips, restaurants, bars, and distractions—concerts, shows and events. There is wanderlust to escape the humdrum of unfulfilled expectations and not a lot of interest in spending time or even doing anything more than sleeping in high-priced, cramped apartments. Weekends away, a trip to the mountains, why not Cuba, or visit a friend on the Coast (whatever coast), let's do something different even if it means no savings in the bank… There will be time for that at some point—that's what the boomers thought too, and look at their dismal savings state… This generation needs its fair share of libation to quiet angst over diminishing prospects in the Era of Less. Eating and drinking out beats grocery shopping, prepping meals, serving, and cleaning up, even if it costs more.

So department stores look even more challenged. Activist investors push Macy's to cash in on the company real estate, which now looks more valuable than its store brands. Even the discounters suffer flaccid performance as local and regional supermarket chains sag too under assault from the likes of Whole Foods, Trader Joes, and the eat-out trends. Could there be a shakeout coming among tenants for always-thought-to-be-secure grocery anchored retail?