Most news outlets seem to cover the changing retail landscape with near-weekly stories on store closings and bankruptcy filings. Even outside of the fact that articles with high click-rates beget other similar articles, which in the case of retail generally include household names with a significant nostalgic punch—there certainly is a dramatic change in the industry. However, we should not take stock in those with signs proclaiming “the end is near” for retail any more than we do the madman in front of the park fountain.
One of our customers’ CEOs recently told his leadership that he’s tired of hearing about “The Retail Apocalypse.” He pointed out the fact that it’s become such a ridiculously exaggerated topic, it even has its own Wikipedia page. Given the industry we’re in, this naturally made it worth a look.
What’s interesting isn’t the fact that retail is changing, or that the general public and media have mischaracterized the evolution. What is interesting is when you look at the factors contributing to this change, understand their impact, and – most importantly — understand how to combat them in order to thrive in the face of this “New Retail” environment.