Reviving Local Retail: Can Brick-and-Mortar Survive?
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Chapter 1: The Decline of Local Retail
How long can local retail endure? The struggles began long before the COVID-19 crisis hit. Is there a way to rescue it? Should we even attempt to do so?
In 2017, Becky Vaughn-Furlow raised an important question in The Clarion-Ledger (Mississippi): "Is brick-and-mortar retail in peril?" From my observations in a small town in Mississippi, I would answer affirmatively.
Over the past ten years, brick-and-mortar stores have seen a significant decline. I can hardly recall more than a handful of product categories where my options have expanded. Conversely, many areas have witnessed a reduction in available choices.
The rise of online retail plays a significant role in this trend. While entities like Walmart contribute to the issue, online shopping's impact on local selections cannot be ignored. Numerous local businesses have struggled to match the competition posed by online retailers.
As Ms. Vaughn-Furlow stated:
"American consumers are progressively choosing online shopping over in-store experiences. Factors such as convenience, avoiding crowds, competitive pricing, free shipping, and a wider array of choices are driving this shift."
The challenge of product availability creates a negative feedback loop. When I turn to online shopping because local stores lack what I need, it diminishes the chances of local retailers thriving. The departure of these businesses only worsens the situation, limiting my local options even further. This unfortunate cycle has persisted for the last decade, leading me to frequently shop online simply because local options have vanished.
Section 1.1: Can We Reverse This Trend?
Is it too late to change this trajectory, assuming there's a desire to do so? Ms. Vaughn-Furlow offers several suggestions for local retailers to enhance their competitiveness. Notable recommendations include expanding stock variety, offering better pricing, and providing satisfactory customer service. Improvements in these areas could indeed make a significant impact.
One reason I gravitate towards online shopping is the ease of finding what I need. A more diverse local inventory would certainly help. If I were confident in locating desired products at a nearby store, I would be more inclined to shop there.
Another factor is the frustration of navigating overcrowded and poorly managed stores. My encounters with local retailers often leave much to be desired. Even when I strategically visit to avoid crowds, I frequently encounter disorganization. Items are often left in disarray, complicating my search. Additionally, unhelpful staff can further sour the experience, making me question why I should endure such hassles when it's unnecessary.
Recently, I researched a wet/dry vacuum that suited my requirements. After locating a local retailer that carried the brand, I called to confirm availability. Not only did they have the model, but it was also discounted and included free attachments. I hurried across town to make the purchase.
Upon arrival, however, I faced disappointment. The customer service team had no record of the model. "I don’t know who you spoke to, but we’ve never had that," one employee replied. Even consulting a supervisor yielded no results. Frustrated, I returned home and ordered the vacuum online, where it was on sale with the promised extras.
There are numerous items I would prefer to buy locally, yet my experiences mirror the one described above far too often. While I may not relish shopping as many do, I can envision steps local retailers could take to improve the experience. If they were to implement such changes, I would be far more likely to support them.
Section 1.2: The Path Forward
The increasing competition from online retailers does not necessarily spell doom for brick-and-mortar stores. However, the combination of online shopping and inadequate customer experiences at many local establishments could lead to their demise. Many local businesses struggle with selection, pricing, and convenience, but they could excel in customer service and build relationships with local patrons. If they fail to recognize this opportunity, we may need to adapt to a world without them.
Chapter 2: The Retail Apocalypse
In this video, titled "The Retail Apocalypse: Predicting The END Of Brick And Mortar Retail," experts discuss the challenges and potential futures for traditional retail in light of current trends.
The second video, "Retail Apocalypse: How Mass Store Closings Will Affect You," explores the implications of widespread store closures and what it means for consumers and communities.