It’s a high stakes year, as retailers have closed nearly 7,300 stores thus far and 28 retailers are facing bankruptcy in the next 12 months.
Even though it’s October, the holiday season is already in full swing. The importance of retail’s performance in the coming months can determine a company’s trajectory in a year where the industry has taken some big punches. Retailers have closed nearly 7,300 stores thus far, more than any other full year, according to research from accounting and consulting firm BDO. Retail Dive also recently discovered that 28 retailers are facing bankruptcy in the next year.
The stakes are high.
It means that retailers need to streamline backend operations, enhance both online and offline experiences and think creatively about promotions. “The market is changing so dramatically, that just going back to your playbook and doing what you did last year is unlikely to have the same results,” said Allen Adamson, co-founder of brand consulting firm Metaforce and marketing professor at New York University’s Stern School of Business…[READ MORE]