Modern-day retail is
becoming unrecognizable, high end clothes and handbags are displayed
in stores like museum pieces for consumers to simply walk by, mall traffic has
dropped, online shopping is rising, job losses have spiked, and the number of
vacant storefronts are growing. In 2017 alone, the brick and mortars has
spiked, from filing for bankruptcy, filing for debt and closing stores, there
is no doubt that this year has been a tough for the retail industry. The
changes in retail shopping patterns and store closures have escalated to levels that have exceeded even
those stores that closed in the depths of the Great Recession of 2008. A
growing list of retailers have declared for bankruptcy, retailers such as
Payless, Toys R Us, RadioShack, and BCBG have struggled, yet the pressure
became too much. Everything always has its ups and downs and so does the retail
industry, workers frequently go from one store to another, styles fall out of
fashion, workers lose their jobs, however, this downturn feels different. This
downturn is bankrupting long-term known brands, empting out suburban shopping
malls and transforming them to parks or community colleges, leading to job
losses. What ended up with was that the retail industry simply built too much
space. In the face of a shocking modern-day retail trends, the retail industry
has been significantly affected by demographic shifts, technological advances,
and changing perceptions globally.

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