I can't help but feel like they've handled things poorly. They could have expanded their services business, really made their membership program into something special, and tripled down on e-commerce.

All three of those areas have been handled poorly and the effects of cost cutting are starting to show clearly in their actual physical stores.

There seems to be something about retail that makes them particularly vulnerable to the innovator's dilemma and unresponsive to macro changes (not just jumping on trends but actually restructuring their business when required).