Some US brands and retailers had a tough 2019. Once a venerable American institution, Macy’s is now among the ranks of tired department stores that have struggled to differentiate their offerings and give shoppers a reason to trek to their sprawling, mall-based stores. Gap split itself into two publicly traded companies: Old Navy will be spun off as a standalone company, while Gap, Banana Republic and several smaller brands will compose another. The breakup is meant to allow Old Navy, the crown jewel, to flourish on its own. However, sales at Old Navy have slipped in recent quarters.

L Brands, which owns Victoria’s Secret, also had a dismal year, with shares dropping 28 per cent. The lingerie chain, which has long been known for its hyper-sexualized advertisements, has lost market share to online upstarts that promote body-positive photographs of real women. In an effort to remake its image, it discontinued its annual fashion show this year and hired its first transgender model. Even so, waning demand has translated into declining sales and big losses.

Amazon has been punished by investors to some extent because its significant investment in one-day shipping has eaten into profits. Nevertheless, the e-commerce giant still recorded a gain of 19 per cent.