How The 2010s Changed Retail Forever

by MR Magazine Staff

After the Great Recession, things were supposed to get better for retail. As the 2008-09 financial crisis fueled the worst economic downturn since the 1930s, American shoppers abruptly pulled back on spending. When they did open their wallets, they traded down. Retail sales fell 3.6% in 2009, according to the National Retail Federation. The carnage lifted certain retailers catering to deep frugality: Dollar General boomed as many sought to get cheaper items and save on gas by not having to drive to a Walmart, while T.J. Maxx found a whole legion of new shoppers looking for fashion brands at much lower prices. Others, especially department stores and specialty apparel chains, reeled. Read more at Fortune.