Gimbels

Gimbels' 1987 closure ended the retailer immortalized in 'Miracle on 34th Street,' demonstrating how department stores faced existential pressure from specialization and suburbanization. The store famous for Macy's rivalry couldn't adapt when specialty retailers carved up its product categories and malls captured suburban shoppers. Like a generalist species eliminated by specialists, Gimbels' 'everything for everyone' model became uncompetitive.