In recent months, the US has seen a staggering increase in the number of retailers, both large and small, filing for bankruptcy. Among others, Dots, Alco Stores, Radio Shack, Deb Shops, Wet Seal, and Delia’s have each filed for bankruptcy protection in the past six months alone. There can be little doubt that these retailers and countless others, face tremendous challenges given consumers’ shift in preference to online shopping with expedited shipping over visiting a bricks-and-mortar store. The prevalence of smartphones, tablets and other technological advances has made online shopping easier than ever; e-commerce sales continue to increase by double digits each year. As a result, physical stores, with their correspondingly high rent and employee costs, face a significant challenge: how to overcome declining foot traffic in retail shopping malls and convince the busy consumer to actually come into the shop. Read more.
