The Changing Retail Landscape

Online shopping and the pandemic have transformed an already tenuous retail sector once dominated by brick-and-mortar stores. As pandemic restrictions have loosened, many customers have a renewed interest in joining in-person gatherings and visiting stores. To help bring customers back through their doors, many malls and brick-and-mortars are turning to so-called experiential retail to turn shopping into more of an experience rather than a simple transaction. While certain sectors, such as bookstores, are actually expanding, many question whether the glory days of retail are in the past. The industry is increasingly dominated by Amazon, Etsy and other e-commerce sites, while once-iconic department stores and big-box retailers continue to fall into bankruptcy and permanently close — a trend not helped by the penchant of private equity investment firms for buying up retail brands and then selling off their real estate assets. As consumer preferences and needs change, will in-person shopping pivot to remain relevant to future generations of customers?