In A New Era Of Retail, Shuttering All Stores Isn’t The Answer
Retailers and brands are facing a self-reckoning. For proof, look to an unlikely place — New York’s Fifth Avenue. Ralph Lauren, which for nearly half a century has been a global icon in the fashion world, announced in April that it will close its flagship Polo store on Fifth Avenue — illustrating a larger trend unfolding across the country. The decision to shutter the iconic store comes at a time when traditional 20th century brick-and-mortar retailers and brands are being forced to reevaluate where and how they fit into the 21st century consumer economy. Clearly, the old status quo that traditional companies relied on — opening as many physical stores as possible — isn’t the answer. However, neither is closing as many stores as possible. The key, as with most things in both business and life, is to find the balance. The retail ecosystem is simply in a state of flux; soon, it will (and must) find its state of equilibrium between the old and the new. Read more at Retail Dive.
