In 2020, the brands will either die or save us all:
Author:Dhani MauUpdated:Dec 19, 2019Original:Dec 19, 2019I think most of us are done with the term "retail apocalypse" — right? — but there's no denying that 2019 brought about something of a reckoning for many fashion and retail businesses. As you've probably noticed if you read this website, there was simply a lot of bad retail news this year: There have been more store closures — over 9,000 so far — than any full year prior.
"The way I put it to retailers is like this: Go stand on a street corner in any major global city. What you'll see around you in every direction is retail that was designed to succeed in the 20th century. That also means that the majority is designed to fail in the 21st century," says retail consultant Doug Stephens.
It's also important to remember that 2019 wasn't actually a bad year for retail overall; rather, it was one in which underperforming retailers did worse and strong retailers did better. "In 17 years, the gulf has never been wider between the haves and have nots than right now," says O'Shea. And as we look to 2020, many say that the disparity between strong and weak businesses will only become more pronounced.
Regardless of the impetus, if there is an economic downturn, that could mean an even bigger reckoning for retailers that aren't doing well. "If anything were to happen to reduce consumer confidence or anything else that would put a damper on momentum that consumers had, that's going to be another straw on the camel's back for retailers already in trouble," says O'Shea.
Ultimately, it's going to take pretty radical change for any of these traditional retailers to survive. "Suffice it to say, any retailer who still believes that customer acquisition is still primarily a function of paid advertising, that their products cannot be effectively sold online or that their physical stores are only a means of distribution of product, will be out of business within the next decade," says Stephens.
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