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Sears stood still during the retail revolution. Here’s what other brands can do differently.

Original Content Publication Date: 10/23/2018

Summary

Major brick-and-mortar stores are closing, and online shopping is not the only reason why. Retailers not only face competition from website sales, but also from their suppliers. Once relying on stores as their primary sales channels, suppliers now bypass the brick-and-mortar and ship their goods directly to their customers. Retailers must evolve constantly to remain relevant and survive in today’s cutthroat retail atmosphere. 

Key Points

  • Major brick-and-mortar stores are losing business due to online shopping and suppliers now going straight to the customer
  • To stay relevant, stores need to become more customer-centric and create a store experience to strengthen their customer loyalty and retail in-store sales
  • Stores such as H&M and Selfridges & Co. have started making changes and are beginning to see success with their in-store customer sales retention

Discussion Questions

  1. What specific changes should stores be making to stay relevant?
  2. How can stores do to strengthen their customer loyalty?
  3. Do you think big-chain stores like Walmart will soon be threatened by bankruptcy from online shopping as well?

REFERENCE

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