The retail apocalypse myth
Despite all the noise in the media about the demise of physical retail, according to new research from IHL Group, North American retailers will open 12,663 stores and close 8,828 stores in 2018, for a net increase of 3,835 store locations. Indeed, some high-profile brands have closed their doors, but this only represents a handful of retailers and is not indicative of the entire market. The report detailed the growing influence of Amazon, and that investments in people, technology and store experience are key to remaining relevant. Most importantly, along with improving their experience, stores need to attack their out-of-stocks (supply chain). According to the report, upwards of 24% of Amazon sales can be attributed to customers who first tried to buy the product at a local store but found it out of stock.