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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. Questrom, who's often credited with turning around J.C. Penney in the early 2000s, said it's not just online sales and the number of malls hurting brick-and-mortar stores. "We go through these cycles, and obviously this has been a challenging period. It's the Internet. It's understanding the millennial customer. It's the off-price stores," Questrom told CNBC on Friday.
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