Many business owners and company managers of retail enterprises that occupy physical spaces in malls and shopping centers across Connecticut and the rest of the country have been a bit stressed lately.
Amazon and other online-friendly shopping outlets will do that to you.
In fact, industry angst in the so-called “brick-and-mortar” universe has been acute and growing the past several years as American consumers have actively embraced alternative shopping opportunities. As one recent national news report on the state of the country’s retail business realm notes, customers “are increasingly content to tap a keyboard and have shoes, purses and clothing brought to their front door.”
The challenges of that for traditional stores are obvious and material. And they have been progressively eating away at the profits of retailers nationally.
Industry principals likely found some relief from current challenges in Macy’s recent first-quarter earnings report for 2018.
In a nutshell, it bucks a trend.
To wit: The company’s sales thus far this year have surged, reversing a multi-year downward trend. Retailers of all sizes and stripes might reasonably be a bit elated by the spiked sales numbers. The above-cited business story stresses that they evidence “plenty of hope as the sector evolves and transforms itself.”
Macy’s proactive survival strategies are informative for the industry, pointing to the need for brick/mortar stores to up their game in employing in-store technologies that enhance customers’ shopping experiences.
Macy’s CEO references a “most competitive retail environment.” In such a realm, it is obviously key for company principals to timely and smartly focus on things like formation, tax considerations, regulatory compliance, financing and transactional challenges and opportunities.
Proven business law attorneys can help with that.