While some segments of retail are alive and well, Jim Cramer can't ignore the pain that department stores like Nordstrom are in.
For years, traditional mall-based retailers have struggled desperately to keep up with Amazon, and have made big moves to build out their omnichannel business to compete.
Unfortunately, for some retailers, it simply wasn't enough.
JPMorgan downgraded Nordstrom to "underweight" on Friday in the wake of recent meetings with the company's management team. Nordstrom was once considered the best in the business, but the stock declined nearly 9 percent after the note was released.
In its most recent quarter, Nordstrom delivered a 2.4 increase in same-store sales. However, management also indicated that the improvement in numbers benefited from one week of its annual Anniversary Sale that was shifted back into the quarter.
"Unfortunately, management keeps providing some very worrisome updates on traffic trends and the state of the consumer, conference call after conference call," the "Mad Money" host said.