Why So Many Stores Are Closing Now
This could be the shortest article ever. So many stores are closing now for the same reason they've always closed - they don't meet consumers' needs. We could end the discussion right there if need be. To be fair though, there are some other questions that also deserve answering, like why this is happening now and what role technology plays in the change.
It's very hard to change from one form of retail, what boomers want, to what Gen Z consumers want. For a big organization, it's almost impossible. It's not the products, it's the culture. If you've built a big organization that knows how to sell products one way, changing to another way is almost impossible. It's like the difference between the technology business and the retail business. Pano Anthos, who runs XRC Labs, a retail and consumer goods accelerator, said earlier today that technology and retail are structurally at odds.
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