Why Are Popular Stores Closing Their Doors?
A friend sent me a link listing the closure of many popular UK High street brands. https://lnkd.in/eziXUrvh
It got me to reflect:
In the past, I saw the high streets burgeoning with shoppers and the rise of international brands dominating most malls. However, the scene started shifting. The decline of high streets and malls, a trend already set in motion before the COVID-19 pandemic, has since significantly accelerated.
UBS cites several primary causes for this wave of closures: the surging popularity of online shopping, increased borrowing costs, and consumers becoming more frugal in response to inflation. Specifically, clothing stores, electronics outlets, and furniture stores are predicted to experience massive closures.
The ebbing tide of brick-and-mortar stores may be disconcerting for those invested in traditional retail models. Yet, it's also ushering in a new era of opportunity. The COVID-19 pandemic has compelled many businesses to realize the transformative power of digital technology on their operational models.
Digital transformation in retail seems to be about leveraging technology to enhance the customer experience and stimulate growth. Industry leaders have already begun to harness this trend, understanding its critical importance in today's market. Research from Gartner projects that by 2023, more than half of all consumer spending will occur online, with nearly 60% of that taking place via mobile devices.
Ultimately, the experts believe that the retailers who embrace the digital revolution will be those that not only survive, but thrive in the evolving commercial landscape.
#opportunity #growth #digitaltransformation