The answer to the question posed above in today’s post headline can be succinctly stated: It depends on who you’re asking.
As revealed in a recent national business article, prognosticators focused on business realities this year in the retailing sector largely reside in two polar camps.
One group of voices proclaims that the industry — we’re talking what the above-cited CNN piece terms the realm of “traditional brick-and-mortar stores” — is in an evolving and dramatic pattern of mounting change that will lead to the near demise of customary retail outlets where customers physically go to shop.
That means stores in shopping centers and malls that have long attracted consumers in Connecticut and across the country. One research firm focusing on that business sector cites to a whopping 7,000 store closings last year, which spells a threefold jump from 2016. And retail-linked bankruptcies spiked dramatically in 2017, to boot.
That is concerning, but does not foretell the demise of the traditional retail industry, say commentators who stress retail’s cyclical nature. What alarmists term a “retail apocalypse,” they say, is merely a “normal evolution.”
A principal with one trade group working with mall owners points to what he stresses is strong empirical evidence supporting brick-and-mortar resiliency. Notwithstanding the unquestioned move online for many former store owners, the tenancy rate at malls nationally still stands at a reportedly impressive 93%.
The current flux makes for an evolving and fast-changing retail sphere. Company owners and entrepreneurs deal with challenges and sometimes great profit-making opportunities as they interact with today’s business world.
They can turn to an established business law attorney to help them deal with formation and planning concerns.