It’s no secret that e-commerce has taken the shopping market by storm. And U.S. Retailers are realizing this. Forbes recently released a combined list of many retailers plans to close stores within the next few years, and it adds up to 3,591 closings! So what’s the deal with the mass amount of closings?
Consumers love the convenience of shopping online, anywhere at anytime. Even as retailers move more sales to the Internet, companies still face competition from industry leaders like Amazon. Customers don’t feel the need to visit retailers when e-commerce sites are convenient and trusted in price, value, and delivery. In order for brick and mortar stores to survive, retailers will need to adjust their strategy to emphasize a unique shopping experience. Some stores like J.C.Penney has put a focus on its store layout to feature more showrooms and technology. Nordstrom has put more attention on its off-price stores, The Rack. Consumer preferences are driving change in what they want from their retail experience. But will brick and mortar stores survive even with change?