“There’s this obsession with millennials,” Mulpuru told Bloomberg. “The truth is, millennials aren’t spending any money with anybody because they don’t have any.”

That's complete nonsense

Millennials are shopping, they're just not doing all their shopping at the mall like the 45 and over crowd used to do when they were that age.

18-35 crowd doesn't have money??? Are we living in the same reality?
--Just about every mobile/web start-up out there was started/founded by millenials.... Don't you think they have money to spend
--Every pro-athlete falls into that age bracket....I think they have money to spend
--All young actors/actresses..........money to spend
---all the Ivy League and top school grads, venturing out to wall street and finance.....money to spend
---hell even those in regular professions, military, IT, law enforcement...they're out their shopping like anyone else.

Sorry, if you surveyed a few millenials with liberal arts degrees that got stuck working at starbucks and don't have any money to spend, but that's not reality for that whole age demographic

The reality is, that the traditonal brick and motar retailer is a dinosaur and they simply don't know how to capture, younger shoppers who are using apps for shopping or going online. Those who can keep up with technology and those who can't will go out of business, it's that simple.