Each year companies project earnings and loss. Many make difficult decisions based on those numbers. When retail stores announce closings, how does that impact you, your family and your business?
Convenience. We are creatures of habit and convenience. When we can easily locate the product or service we need in a familiar location near our home or office, it makes our lives better. When a retail store we frequent closes, we have to find an alternative, which could require a different path.
Choice. Discretionary income, and life in general is fueled by our choice. In retail, there are a number of options for similar goods and services, and our choice predicates survival. Two ways to unpack this thought. One, where and how we decide to shop, and two, who we shop with. (See convenience).
Creativity. The close of a retail store does not indicate a decline in shopping. There are other statistics that indicate economic trends. A store closing signals more on the operation of that business, which has a number of factors. However there is a lining of opportunity that exists for small businesses that operate in the retail space, or provide a service shopping for others. Small retail businesses have the creative flexibility to reach consumers in fun ways to encourage purchases. Personal shoppers and concierge services can support the convenience and choice of consumers not willing to travel or are in need of assistance seeking the alternative shop.
The Business Insider recently compiled a list of the retail stores with locations closing in the coming year. http://www.businessinsider.com/stores-closing-in-2018-2017-12
What opportunity does this present for you?