Contrast this with the women’s section. Women have an expectation to express themselves and their personality. There are all sorts of “impractical” cuts, flairs, colors, layers to choose from. There’s a shoe for every occasion. You can get dramatically different fabrics, feels, and touches. Not even going into accessories.
There is certainly a sea change happening in fashion retail, but it’s more that like everything else it’s accelerating things that are already going on. People were trending less formal almost everywhere in the workplace, except NYC, SF and LA (or in high touch industries like real estate or law). Your H&Ms are best positioned to survive, where everyone already knows that Macy’s is on its last legs.