One CEO Explains Why E-Commerce Is Key To Surviving The ‘Retail Apocalypse’
Covid-19 has drastically impacted the retail industry, driving a huge shift from brick-and-mortar to online shopping for brands like Zara, which recently announced it will close as many as 1,200 stores to invest $3 billion in digital operations. According to a recent report from Coresight Research, as many as 25,000 retail locations could close throughout the U.S. in 2020, due to the novel coronavirus. However, experts say the “retail apocalypse” isn’t new. Even before the pandemic, brick-and-mortar shopping was falling out of favor. In 2019, a record-high 9,300 stores closed throughout the U.S., topping 8,000 store closures in 2017. Though it may seem like Covid-19 incited the death of American shopping malls, trends over the past decade suggest that the pandemic is only accelerating the inevitable. Read more at Forbes.