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A tale of retail survival: The future of bricks-and-mortar stores

Press Releaseㅣ2019-06-19 13:33

The world best-known department store Macy's is closing eight stores this year as part of plans that were announced in August 2016. 

Two years ago, Macy's said it would close 100 stores. Officials said the aim was to concentrate on balancing the present stores with its strong digital presence. Needless to say, it is no wonder the traditional retail industry ― physical stores ― has been struggling recently. 

Many mono brands, malls and even select apparel shops have decided to shutter some of their bricks-and-mortar stores.

However, according to the U.S. Census Bureau, in 2018, 89 percent of retail sales were through stores and 5.65 percent were from e-commerce, with 1.85 percent by mobile and the remaining belonging to the catalog/others category. This implies that even though there are new types of retail formats, such as social commerce or live-streaming media businesses, typical store-based retail is dominant.

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Source: The Korea Times

Date: May 18, 2019