Number of Retail Stores Closing in 2019 Has Passed 4,000
The last couple of years have brought the 'retail apocalypse', which is claiming over 4,000 brick-and-mortar stores across the country. With the bankruptcy and liquidation of companies like Toys R Us, Payless ShoeSource, and Shopko we don't see this pattern slowing down. Yet as Gap announces the closure of 230 stores we also see them parting ways with Old Navy which brought in $8B last year and plans to open more locations. These companies may not be so lucky.
- Brick-and-mortar stores are quickly disappearing across the country as ecommerce gains more customers
- Companies are closing stores due to cost or in attempt to avoid going out of business completely
- Old Navy earned $8B last year and is actually planning to open more locations as Gap spins them off on their own
- What has Old Navy possibly done that has given them the competitive advantage over other retailers?
- What suggestions would you have as a consultant for one of these retailers to help them avoid bankruptcy?