Before entering 2020, the future of Retail was already pretty dismal, with low in-store sales causing many to file for Bankruptcy in recent years.
Almost halfway into 2020, another phase of bankruptcies are hitting the US economy. In March 2020, with #StayHome orders for over 33 Million Americans, families came to rely on online services even more, causing a greater strain on brick-and-mortar stores.
Retailers like Payless Shoe Store, Barneys New York and Forever 21 filed for bankruptcy in 2019. The backlash from these store closings were loss of jobs and a drastic morphing of the retail landscape.
According to a recent article by Business Insider, more than 3,300 stores are closing in 2020. More than 9,300 store closings were announced in the US in 2019, smashing the previous record of roughly 8,000 store closures in 2017.
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As a result, retailers have no choice, but to pivot their business models and revenue growth towards their value proposition to shoppers, shopping convenience and costs, as well as the analyzing their profit-n-loss factors.