What existential crisis? If WS understands precisely the role of brick-and-mortar stores, then existential crisis it is not.
"Internet sales" is merely self-service checkout. Since Amazon loses money on online marketing, I doubt it is much of a threat to anyone anyway.
Like Victoria Secrets, WS sends out millions of catalogs to drive "internet sales" which the writer does not mention. If "internet sales" carry a higher margin, it is only because they are not charging off the cost of millions of catalogs to gain said sales online.
The big question would be what is the WS wedding registry book? WS provides a cachet of class when selling what you can get at mace's, so I bet that is substantial.
This is an example of social conditioning trumping analysis. Since online marketing is 1/2 of revenue, therefore… pure delusional results.
Just as it once gained over 1/2 its revenue from mail order catalogs.
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