Retail - The New Dinosaur
The Future of Retail
It should come as no surprise to anyone that traditional brick and mortar retail chains are going the way of the dinosaur. As of June 1, 2015 eighty-six retailers have announced 8,478 store closings duringn the past six months. This only only seems to be surprising the retailers who for years have clung to their traditional retail model while failing to acknowledge the growth of the Internet as the preferred purchasing option of the Millenials. Have you ever gone to a retail store, identified a product that you wanted to purchase, but went home and bought the product online, perhaps for less cost, and had it delivered right to your front door within a day to two?
We have not seen the end of retail store closings. Those retailers that move to the store front model where the customer can see the product but they purchase it through the retailer's online portal, have the best chance of avoiding the fate of the dinosaur.