Macy's has given up waiting for a miracle on 34th Street. And Barneys and Ralph Lauren may be looking for one.

The three iconic New York retail brands face leadership changes as they deal with shifts in tastes and shopping habits that are wreaking havoc across the industry, leaving many New York storefronts empty. Macy's, which plans to close 100 outlets this year in the face of competition from e-commerce and fast-fashion chains, is in sale talks with Hudson's Bay. The discussions could lead to Macy's selling itself or some of its real estate to the Canadian retailer, according to The Wall Street Journal. The negotiations come as longtime CEO Terry Lundgren plans to step down. Last week also brought turnover at the top for Ralph Lauren and Barneys.

"You have boards that are frustrated that changes aren't happening fast enough," said Greg Portell, lead partner in the retail practice of consulting firm A.T. Kearney. "You're probably going to see more of this type of action before you see less."

Stefan Larsson, Ralph Lauren chief executive, was ousted just 15 months after he was chosen to lead a turnaround at the aging fashion brand. With Mark Lee retiring at Barneys, Daniella Vitale had been in line to succeed him as CEO. But the luxury retail chain has also been struggling, according to Matt Sargent, senior vice president of retail at Frank N. Magid Associates.

Sargent sees established brands and mega retailers as being under siege by the likes of Amazon and upstart brick-and-mortar boutiques such as Lululemon Athletica. "Look at what a long run these guys had," he said, including Kohl's, J.Crew and Sears among the retailers in trouble. "They were relatively unchallenged for years. That clearly has come to an end."

Macy's has given up waiting for a miracle on 34th Street. And Barneys and Ralph Lauren may be looking for one.

The three iconic New York retail brands face leadership changes as they deal with shifts in tastes and shopping habits that are wreaking havoc across the industry, leaving many New York storefronts empty. Macy's, which plans to close 100 outlets this year in the face of competition from e-commerce and fast-fashion chains, is in sale talks with Hudson's Bay. The discussions could lead to Macy's selling itself or some of its real estate to the Canadian retailer, according to The Wall Street Journal. The negotiations come as longtime CEO Terry Lundgren plans to step down. Last week also brought turnover at the top for Ralph Lauren and Barneys.

"You have boards that are frustrated that changes aren't happening fast enough," said Greg Portell, lead partner in the retail practice of consulting firm A.T. Kearney. "You're probably going to see more of this type of action before you see less."

Stefan Larsson, Ralph Lauren chief executive, was ousted just 15 months after he was chosen to lead a turnaround at the aging fashion brand. With Mark Lee retiring at Barneys, Daniella Vitale had been in line to succeed him as CEO. But the luxury retail chain has also been struggling, according to Matt Sargent, senior vice president of retail at Frank N. Magid Associates.

Sargent sees established brands and mega retailers as being under siege by the likes of Amazon and upstart brick-and-mortar boutiques such as Lululemon Athletica. "Look at what a long run these guys had," he said, including Kohl's, J.Crew and Sears among the retailers in trouble. "They were relatively unchallenged for years. That clearly has come to an end."

A version of this article appears in the February 6, 2017, print issue of Crain's New York Business.

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