Do Retailers Need Innovation Labs To Stay Alive?
The retail industry prides itself on its heritage. Department stores like Sears and Macy’s were founded just before the turn of the 20th century and have both weathered the tests of time, despite challenges brought on by economic downturns and transformative technologies such as the landline, the internet and, most recently, the smartphone. But retail today isn’t what it used to be. Innovation is now moving much faster than when Sears first invented the catalog or when Macy’s led the way in nationwide big-box store expansion. As these once-mighty chains and others fall into potential death spirals of mounting challenges, many say it’s time for traditional brick-and-mortar retailers to face a hard truth — innovate or die. Read more at Retail Dive.