Retail Doom and Gloom: What Does This Mean for You?
The transition from brick and mortar to click and order has been a subject I’ve talked about and anticipated for years! If you know me, and you’ve been following me, I am entrepreneur and part of my business is leveraging an online platform like no other. I’ve even written articles about the importance of a side hustle and my side hustle allowed me to walk away from my salon.
Things are shifting very fast. As of right now, there are around 5,000 slated store closures for 2019, which affects companies in all aspects of retail. From Tesla to Payless Shoes, companies around the world are closing stores left and right in 2019. Buying behavior is changing AND it is happening faster than anyone has planned.
US ecommerce sales grew 15.0% in 2018
In the last 10 years, there have been countless web articles on the digital shopping landscape. We’ve all been informed over and over again, about the booming business that is online retail. It probably won’t surprise you that in 2018, consumers spent $517.36 billion online with U.S. merchants, up 15.0% from $449.88 billion spent the year prior, according to a new Internet Retailer analysis of industry data and historical U.S. Commerce Department figures.
Last year we said good bye to Toys R Us. The 60 year old company couldn’t even shift with the times and over 31,000 employees lost their jobs when they closed 807 stores.
Even the 125 year old company Sears closed 766 stores, affecting over 81,000 employees.
Meanwhile, during the first weeks of 2019, retailers shut down 23% more stores than they did at the start of 2018, according to Coresight Research. The firm concludes there’s “no light at the end of the tunnel” for troubled store companies.
Here are just some of the highlights from the list of store closures planned for this year:
- Gap – will close 230 stores over the next two years
- Victoria’s Secret – will close 53 stores
- Abercrombie & Fitch – will close 40 stores
- Telsa – is mulling plans to close nearly all stores in massive switch to online sales
- Charlotte Russe – will close all stores after bankruptcy
- Payless Shoes – will close all 2,500 stores after bankruptcy
- Gymboree – will close all 800 stores after bankruptcy
- Family Dollar – will close 390 stores
- SHOPKO-is closing all 370 stores after bankruptcy
The team at Moneywise.com recently compiled a list of retailers’ planned store closings in 2019, and the list serves as a real eye opener for those unfamiliar with these trends. This is information consumers really need to be aware of because this changing trend to online shopping has a direct impact on you! And do you realize that this is something that you can leverage and capitalize on?
Rise of the Entrepreneur
It’s not all doom and gloom for those that are willing to shift with these trends and by 2027 it is estimated that 1/2 of the workforce will be freelance entrepreneurs. But how will they do it?
LEAD THE DIGITAL SHOPPING REVOLUTION
There’s a way that you can own your own digital platform that leverages this trend. A business designed to capitalize on the online shopping revolution, and represents an economic opportunity unlike any other, with the propensity to generate an ongoing income based off the things people already have to buy anyway.
It not only gives people the means to not only shop smarter, but to also leverage the online shopping revolution to establish entrepreneurial success – even during a time where changing consumer trends are leaving many businesses in the dust!
There couldn’t be a better time than today to start your own business
If you’d like to find out more about a proven plan for your financial success that provides systemization, standardization, state-of-the-art management systems, merchandising and marketing tools, growing visibility with the opportunity to create ongoing income, fill out the form below.