This isn’t news to you: the retail landscape is shifting, so much so that it’s not far-fetched to describe it as a shift of tectonic proportions. Several long-standing, major retailers shocked the public as they announced store closings, including Sears, Kmart, J.C. Penney, Macy’s, American Eagle Outfitters, Abercrombie & Fitch, Ralph Lauren, Wet Seal, The Limited, and more.
And many of these names just a few years ago were the retailers of the aughts, making headlines again and again regarding their popularity with Millennials and other hip and happening consumers with money to burn.
But the Millennials have aged and their tastes have changed, leaving their once-beloved go-to brands behind. But far more importantly, technology has made it easy for consumers of all ages to purchase pretty much whatever they want, whenever they want, however they want, at the (frugal) price point they want with just a finger press on a smartphone’s button.
However, retail isn’t dead, it is evolving. In order to survive this time of transition, brick-and-mortar retailers must adapt.