A few months ago I did some research on how retail was faring given current eCommerce pressures. What it revealed was not that astonishing to those of us that live in the eCommerce world, but the rate of change in the brick-and-mortar world was a bit surprising. It appeared that retail outlets had begun planning to close locations at an alarming rate across many retails sectors including clothing, entertainment, grocery, large retail and others.
The picture became a little clearer when I consolidated the data on retail closings into the graph below:
What was interesting is that retail categories that had historically been strongest in the brick-and-mortar space were facing some of the largest number of closings, specifically, clothing and entertainment. As I dug into more of why this was happening, it became apparent that the impacts of economic pressures added to the changes in retail buying behavior caused by eCommerce were largely to blame for this trend.
When the news broke in early February that Sears, Target, JC Penney, and Macy’s were closing retail locations, it was a big story. Sears is closing their flagship store in Chicago, for Pete’s sake. Additionally, Radio Shack announced this week that they would close Continue reading