Retail stores have made a comeback in 2021 after a record number of closures at the height of the Covid-19 pandemic.
This year through Dec. 16, major retailers announced 5,083 store openings compared to 5,079 store closures, signaling that retailers are reaching a balance between online and in-store shopping in the age of e-commerce, according to Coresight Research, a global advisory and research firm specializing in retail and technology.
. This forced out weaker retailers and bolstered heavyweights, largely based on how well companies adjusted to the new digital world before the virus struck the country, said UBS retail analyst Jay Sole.Last year, iconic retailers and department stores fell into bankruptcy as the coronavirus ripped across the country. High-end department store Neiman Marcus filed for bankruptcy in May. Y2K mall staple True Religion Apparel filed for bankruptcy in April.
in December by professional services firm PwC found 55 percent of shoppers reported they shopped in-store weekly or daily compared to 36 percent of shoppers who said they shop that often on their phones.Physical stores also play a role in ramping up sales, even if they’re made online, Weinswig said. When retailers close down a brick-and-mortar store, online salespopularization of the ATM would drive out bank branches“It’s about brand value,” he added.
But as retailers tighten their footprint, stores of the future will not be the same. Retailers like Walmart and Allbirds are experimenting with new shopping platforms including livestream shopping on Pinterest TV, TikTok and Twitter. Nike is testing out what’s called “ghost retail,” where shoppers jump into a virtual queue to speak with a store associate who can talk them through products they have at a store without ever leaving their home.
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