How Retail Companies Are Adapting To Improve Profitability
From grocers to clothing stores and big-box retailers, there have been dramatic changes to the retail experience over the past several months. Retail sales plunged an astounding 16.4 percent in April — the worst-ever month-over-month drop since recording began. Some categories, including furniture, electronics and clothing, saw sales drop by as much as 58 to 78 percent. Many companies have begun filing for bankruptcy as a result. But the news hasn’t all been bad. Plenty of retailers have accelerated adaptations that were already underway to meet the needs of an increasingly digital society. Regardless of your product category, taking these steps to adapt will prove essential for increasing profitability both now and in the future. Read more at Entrepreneur.
