Retail Apocalypse

Retail Apocalypse

Exactly what the headlines says, retailers are increasingly decreasing around the US. Brands such as Sears, Kmart, Macys, Payless, Finish Line, and more are closing down their stores because of the way consumer shopping has shifted. Consumers are shopping online way more and less at malls, hurting companies that have focused on foot traffic. Myself included, have changed my mentality of how I shop. Years ago I would have never thought how much the integrations of technology could make our life much easier. We can now save our precious time by simply ordering online everything and anything. They way we have integrated the use of seamless transactions has completely changed the world. According to Bloomberg, Payless is set to close 1,000 stores next week and possibly file for bankruptcy. In the end I am not surprised these companies are beginning to close down after many years of business, they weren’t able to adapt to changes. Technology has advanced tremendously since the late 2000s. Companies like Apple, Spotify, GE, Walmart, Exon, Samsung, etc are perfect examples of adopting to the market and realizing the importance of technology and social media. Will these companies find a way to overcome this obstacle or will new start-ups replace them?

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