An alarming article in the New York Times penned by Sapna Maheshwari, cites data from Coresight Research with a serious blow to brick and mortar retail: "Less than halfway through April, American retailers have announced plans this year to shut 5,994 stores, exceeding the 5,854 announced in all of 2018." Is there REALLY any hope for retail? According to retail forecaster and author of "Retail Schmetail," Sandy Stein, it's a resounding YES - but maybe not in the way shoppers remember the experience dating from the 50s to the 90s.
"Sears has been on the longest store closing bankruptcy in the history of retail," Sandy quips. He also talks about stores that are winning like Target, with less inventory and more of a solutions-based shopping experience.
Who will win in the retail space? The entrepreneurs that are "Digital First retailers who realize their stores help build the traffic online. There's no longer a need to build hundreds of stores to create scale." Take a listen to Sandy and he'll give you renewed hope for small business startups looking to get into the retail space online.
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Episode Airdate: 05/26/2019
Offerings from our Guest
It begins with the story of identical twin brothers, Al and Lou Stein, who (after returning from World War II) set up shop in downtown Milwaukee in a space more closely resembling a neighborhood garage sale than a bona fide retail operation. Even though neither of these two “from the gut” marketing guys had a high school diploma, they more than compensated for it with their ingenuity, drive, and legendary sense of humor.