After a cheerless holiday shopping season, Macy’s announced it will close 40 of its worst performing department stores.

Macy’s has been disappointing investors for five consecutive quarters. So why are shoppers putting less in those bright red bags with the big white stars?

Analysts say middle- and upper-end department stores are lagging the field, while speciality retailers, such as Barnes and Noble, are faring better than expected. Meanwhile, TJ Maxx and other discounters are ringing up sales that traditionally would have gone to Macy’s.

Weather and tourism also were factors. Sales of outerwear swooned in a balmy autumn and winter. And the stronger U.S. dollar discouraged European tourists from loading up on clothes and accessories, especially at Macy’s flagship store in New York’s Herald Square.

Macy’s operates more than 900 stores under its Macy’s, Bloomingdale’s and Bluemercury marquees.