Readers of this space know that the retail sector/apparel is best avoided: the era of the frugal consumer and a surplus of store chains has led to challenging conditions for retailers, to say the least.

However, there are exceptions, and Macy's (NYSE: M) is one. The argument here is that Macy's will be able to combine right-sizing of its chain and rigorous cost cuts with established brands (the Macy's chain also runs the upscale Bloomingdale's chain) to survive the downturn. Wall Street doesn't expect any improvement near-term, forecasting a 6-10% revenue decline for FY2010.

Shares of JCPenney (NYSE: JCP) tumbled on Friday after the company reported a decline of more than 50% in third quarter profits, driven largely by extremely weak consumer spending.

Friday also marked the launch of the company's 2008 Christmas Campaign, which will aim to convince consumers that JCPenney offers products similar to those found at higher-end stores at much better prices. Recognizing that the market is weak and that the company's core value-oriented consumers are likely to be stingy, JCPenney is hoping to profit from the trading-down of people who would normally shop at stores like Macy's (NYSE: M) but are feelings strapped.

"It's going to be a real dogfight out there for the customer's dollar," chief marketing officer Mike Boylson told The Wall Street Journal (subscription required). "We need to take market share from somebody else."

Aeropostale (NYSE: ARO) has succeeded in doing just that in the teen apparel market, with its lower price points luring in former Abercrombie & Fitch (NYSE: ANF) loyalists.

The problem may be that the weak economy will lead to a highly promotional environment at all retailers, and the prestige associated brands like Macy's and Bloomingdales combined with big sales could prevent JCPenney from making inroads.

This post is one in a series on prominent company nicknames. See all 25, and share your thoughts and memories about Bloomies below in the comments.

If Macy's (NYSE: M) is the crossroads of all department stores, then Bloomingdale's is the Eastside hub of the cosmopolitan individual. At one time the old slogan, "All cars transfer to Bloomingdale's," beat Macy's to the chase as New York City's 58th Street subway station on the Lexington Avenue line was built in its basement in 1913.

The flagship store is located at 59th and Lex, where the surrounding affluent neighborhood used to supply most of its shoppers, particularly in the early 1970s. Even today, the fashion bonanza exhibited in its store windows draws a crowd while the gleaming black and white art deco interior lures shoppers in the door.

The department store chain has long since spread around the country, but Bloomingdale's has remained a draw for younger professionals seeking exciting new fashion trends. It's not surprising that at some point its hip, young clientele started affectionately calling it "Bloomies."

This post is one in a series on prominent company nicknames. See all 25, and share your thoughts and memories about Needless Markup below in the comments.

Neiman Marcus may be the most successful upscale retail department chain that selected shoppers love to hold a grudge against.

The chain caters to primarily female, upper-income and upper-middle shoppers, and features designer lines that rival boutique (and beyond) price levels.

Further, while some of the products are decidedly exclusive, some are not or appear to not be, according to shoppers, but the prices of these items remain in the stratosphere, and it is for this reason that the store was tagged with the nickname "Needless Markup."

Here's a classic example. About a year ago Marie Lang, sister of yours truly, was searching for a leather shoulder bag. She found a medium brown, designer bag she liked for $1,200 at Neiman Marcus. However, being a discerning/critical comparison shopper, Marie of course took a few days to scout the competition.

The result? She found a comparable shoulder bag at Bloomingdale's for $595. Had she been willing to take a slightly smaller bag, she could have secured one for $395.