Modern-day retail isbecoming unrecognizable, high end clothes and handbags are displayedin stores like museum pieces for consumers to simply walk by, mall traffic hasdropped, online shopping is rising, job losses have spiked, and the number ofvacant storefronts are growing.
In 2017 alone, the brick and mortars hasspiked, from filing for bankruptcy, filing for debt and closing stores, thereis no doubt that this year has been a tough for the retail industry. Thechanges in retail shopping patterns and store closures have escalated to levels that have exceeded eventhose stores that closed in the depths of the Great Recession of 2008. Agrowing list of retailers have declared for bankruptcy, retailers such asPayless, Toys R Us, RadioShack, and BCBG have struggled, yet the pressurebecame too much. Everything always has its ups and downs and so does the retailindustry, workers frequently go from one store to another, styles fall out offashion, workers lose their jobs, however, this downturn feels different.
Thisdownturn is bankrupting long-term known brands, empting out suburban shoppingmalls and transforming them to parks or community colleges, leading to joblosses. What ended up with was that the retail industry simply built too muchspace. In the face of a shocking modern-day retail trends, the retail industryhas been significantly affected by demographic shifts, technological advances,and changing perceptions globally.