 Department stores, like Nordstrom Inc. JWN, -0.61 , Macys Inc. M, 0.81 , Kohls Corp. KSS, 5.30 and Dillards Inc. DDS, 1.86 are at risk from what analysts call an unprecedented amount of merchandise. First, retailers significantly overestimated consumer demand when it made inventory decisions for 2022, UBS analysts led by Jay Sole said. 