Is Retail Dead? Retailers Don’t Think So
February 3, 2022
Over the past few years, retail stores with brick-and-mortar establishments have been negatively impacted by the growth of e-commerce. This was exacerbated by the pandemic, as online purchasing exploded. Many proclaimed retail dead and shopping districts a thing of the past.
However, there are indications that this trend may be reverting back to the norm…
In 2021, retailers opened more stores than they closed. A net positive.
Great news for main streets and shopping centers across the country. Brick-and-mortar stores are reemerging. A recent Wall Street Journal article documents this return.
While e-commerce is not going away, neither are retail locations. The article explains that many people will do product research online, but will go to a location to make the final purchase. Some e-commerce buyers choose outlets where they can pick up their purchases.
Many store openings are national retailers. Dollar General alone will open approximately 1,000 new stores nationally. Smaller retailers can ride on the coattails of the large national chains. While the national chains can be an anchor for a shopping area, the local retailers benefit from the additional foot traffic.
These chains often rely on national campaigns to promote their product. However, they must promote their new location to the local community as well, using local advertisers. Here’s where radio can excel. Local radio can build an on-air campaign and back it up with a grand opening event.
New store openings can also help revitalize areas that have suffered since the COVID-19 pandemic affected out-of-home shopping. Once these retail locations are established, other businesses like bars and restaurants quickly follow. People will get out to shop, eat, and drink.
Walk away from this blog with the realization that, while many believe retail and brick and mortar are dead, they are not. To quote Mark Twain, “the reports of my death are greatly exaggerated.” E-commerce is not going away, but neither is in-store shopping.
-Karen Morriss, Director of Client Services