We’ve been hearing for months about retail going out of business or filing for bankruptcy in 2020. Lord & Taylor; Brooks Brothers; Lucky Brand; Pier 1; True Religion; J. Crew; Neiman Marcus; J.C. Penney. And so many, many more.
Those closures have probably affected you. You might have lost a job working at one of their locations, or you shopped at the store and can no longer do so.
Often it seems intangible when you hear about a company going out of business. Their name is in the news for months and months. They’ve spiraled downward for years. And, finally, they have to pull the plug for stockholders or their business partners.
When you read or hear about these bankruptcies on the news, they don’t always seem real. On a certain level you understand what is happening, but it doesn’t directly impact you.
Several years ago, the death of retail came home to me firsthand. I was working the day in Port Washington, WI, stopping in at the retailers that line their downtown. Like many older small towns, they had a men’s clothing shop.
As you might expect, they had some dated suits and sports jackets. They were also up-to-date on many of the styles and offerings of the different types of business casual attire that you could expect in a smaller town setting.
The owner was less than optimistic about his future. We talked at length that day about why this was occurring. Simply put, the major variable was the growth of online shopping. He thoroughly detailed the difficulties of providing clothing at a reasonable price that fit quickly changing buying behaviors. He also pointed to the use of the smart phone, where potential customers would check his price, then go online to see what the item could be purchased for from a web site. If he didn’t match the price (if the online price was lower), the potential customer left.
And, now there’s Covid. We go from the downward spiral of retail to the death of many retail companies.
My wakeup call was GNC. I knew they were hurting. I read multiple articles the past six months about how many stores they needed to close. The one I used stayed open.
I was hopeful. You cross your fingers and think that just maybe the outlet you go to is the one spared the ax.
Nope. This past weekend I went to pick up a magnesium powder supplement that I typically purchased at GNC for a very good price. Drove up, and BAM, it him me. “There’s no stock in there.”
The store was empty. No signs. Nothing that said it was going out of business. No direct notice given to my email.
I want to support the retail outlets I use. There was no choice though. So, I sat in the parking lot, and went online through my phone to see where else I could get the product.
It was sad. I couldn’t chat with the guy behind the counter to see what new products GNC offered. I couldn’t get his input on a supplement or vitamin. Sure, you can read that online, but it’s not the same.
More and more we are going to our phone, laptop, iPad or desktop to order something. Read the reviews. Check how many stars there are. Figure out the shipping costs. Tap a few buttons and wait for FedEx, UPS or the U.S. Postal Service to deliver the goods. It’s not the same.
Those closures have probably affected you. You might have lost a job working at one of their locations, or you shopped at the store and can no longer do so.
Often it seems intangible when you hear about a company going out of business. Their name is in the news for months and months. They’ve spiraled downward for years. And, finally, they have to pull the plug for stockholders or their business partners.
When you read or hear about these bankruptcies on the news, they don’t always seem real. On a certain level you understand what is happening, but it doesn’t directly impact you.
Several years ago, the death of retail came home to me firsthand. I was working the day in Port Washington, WI, stopping in at the retailers that line their downtown. Like many older small towns, they had a men’s clothing shop.
As you might expect, they had some dated suits and sports jackets. They were also up-to-date on many of the styles and offerings of the different types of business casual attire that you could expect in a smaller town setting.
The owner was less than optimistic about his future. We talked at length that day about why this was occurring. Simply put, the major variable was the growth of online shopping. He thoroughly detailed the difficulties of providing clothing at a reasonable price that fit quickly changing buying behaviors. He also pointed to the use of the smart phone, where potential customers would check his price, then go online to see what the item could be purchased for from a web site. If he didn’t match the price (if the online price was lower), the potential customer left.
And, now there’s Covid. We go from the downward spiral of retail to the death of many retail companies.
My wakeup call was GNC. I knew they were hurting. I read multiple articles the past six months about how many stores they needed to close. The one I used stayed open.
I was hopeful. You cross your fingers and think that just maybe the outlet you go to is the one spared the ax.
Nope. This past weekend I went to pick up a magnesium powder supplement that I typically purchased at GNC for a very good price. Drove up, and BAM, it him me. “There’s no stock in there.”
The store was empty. No signs. Nothing that said it was going out of business. No direct notice given to my email.
I want to support the retail outlets I use. There was no choice though. So, I sat in the parking lot, and went online through my phone to see where else I could get the product.
It was sad. I couldn’t chat with the guy behind the counter to see what new products GNC offered. I couldn’t get his input on a supplement or vitamin. Sure, you can read that online, but it’s not the same.
More and more we are going to our phone, laptop, iPad or desktop to order something. Read the reviews. Check how many stars there are. Figure out the shipping costs. Tap a few buttons and wait for FedEx, UPS or the U.S. Postal Service to deliver the goods. It’s not the same.