Even if you have not been paying close attention to the news, we are sure that you have noticed the retail landscape is changing. Gone are the days when people did the majority of their shopping at brick-and-mortar outlets, while saving online shopping for either emergencies or special occasions. If anything, things are the opposite of what they used to be. When Amazon first appeared, it was primarily a book retailer. Now they sell everything you can think of and some people take advantage of that fact several times a week. The convenience is difficult to argue and the price is often lower than what you commonly see in a regular store, due to their business model.
This has resulted in a distinct change of habits when it comes to shopping for many people. Some people only go to brick-and-mortar stores now in order to try products out. Once they are satisfied that the item is what they want, they then buy it online at a lower price. As you can imagine, that has drastically cut into the bottom line of many retailers that rely on the majority of their sales from physical locations.
The number of retailer bankruptcy in 2017 has been staggering, including such major chains as Sears and Toys “R” Us. As difficult as it is to imagine that retail landscape without such prominent players, this is increasingly becoming the norm as more and more people do their shopping from home. It is likely to increase in the future as so many young people are increasingly used to online shopping, so they will be very difficult to lure into a physical store going forward.
“Adapt or die”seems like a blunt way to put it, but it really is the case. Expect more retail giants to fold their tent and leave town before the decade is out.