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They're buying things online, and then they're using the time they save for experiences," said Hickey. "The U.S. economy is over-stored. When you combine square footage of U.S. retail space to other countries, the U.S. just towers over everybody else. I think there could conceivably be more room for pain," he added. Although it's still too early to call this Armageddon for retail, Hickey isn't the only expert observing carnage in the retail area. Former J.C. Penney CEO Allen Questrom, who also ran Federated Department Stores, Barney's and Neiman Marcus, is speaking out.
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