How to Thrive in Retail’s New Normal [REPORT]
July 11, 2019
As consumers continue to evolve their shopping behavior, redefine trends, and move their shopping activity online, the retail industry has been challenged to adjust to a landscape that’s constantly shifting. Store closures, bankruptcies, mergers, and consolidations are the new normal in today’s retail environment. Across apparel, food, jewelry, sports, toys, and other retail industries more than 5,800 doors closed in 2018. There will continue to be upheaval, with U.S. retailers announcing more than 7,200 store closures as of June 2019. To adjust to this new reality, brands and retailers must understand where the volume will go as retailers go out of business, place the right bets on partnerships, and truly understand the attributes that drive in-store purchases. With the right data, you can survive an environment of shrinking real estate and invest in the right opportunities to thrive in the long run.
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