At the end of March 2020, the world of retail was struggling in ways it has never struggled before.
In early 2020, the COVID-19 pandemic turned the world upside down. The normal routine of socializing, going to work, shopping and dining became social distancing, telecommuting and stay at home orders.
We’ve talked before on this blog about the general impression that brick-and-mortar retail is dying a slow death and why that simply isn’t true.
We’ve said it before and we’ll say it again: brick-and-mortar retail isn’t dying, it’s evolving. Yet, browse the latest articles on retail development and it might not seem so certain. SiteSeer’s team just returned from the International Council of Shopping Centers RECon show in Las Vegas, where attendance was down from years past. It caused us all to wonder: is the market slowing? Are deals still getting done? Is the so-called retail apocalypse actually upon us?
Anyone who knows us personally here at SiteSeer knows that many of our team members have worked for, and with, the grocery industry for many years. So, when the news came out recently that Amazon was seeking to acquire Whole Foods, we were intrigued and surprised.
All it takes is a quick Google search of “retailers closing” to discover news story after news story about retail chains large and small experiencing shrinking sales and closing locations. Yes, big chains like Macy’s, JCPenney, Sears/Kmart, Payless ShoeSource, and others have been shuttering stores. Some analysts and journalists have dubbed the last few years the “retailpocalypse” and are actively predicting the demise of brick-and-mortar retail. But is retail dying? Let’s look at some of the reasons behind recent store closures to accurately answer that question.