With this first edition of Inside Retail, we’re launching coverage of a rapidly evolving industry at a time when consumer shopping habits are making monumental shifts. Lately, more people are spending their extra money on restaurants and travel instead of clothing and accessories. And they are turning to online channels and away from in-store browsing to make their purchases.
The result has been a bloodbath for retailers, especially mall-based stores, that rely heavily on foot traffic. At least nine major retailers have already filed for bankruptcy this year, and analysts say the death of a good segment of this industry has only just begun.
Meanwhile, other retailers are thriving by ramping up their online strategies, employing unique in-store experiences or offering discount merchandise. Here, we’ll cover the ebbs and flows within the retail industry as its story unfolds.